ant group: China’s central bank accepts Ant’s application for financial holding company

Hong Kong: China’s central bank has accepted Ant Group’s application to set up a financial holding company, three people with knowledge of the matter told Reuters, a key step in finishing a year-long revamp of Jack Ma’s fintech business and reviving its stock market debut.

The People’s Bank of China’s (PBOC) expected approval of the plan is the latest sign that Ant, a tech giant with financial businesses stretching from payments to wealth management, is poised to emerge from a regulatory crackdown.

The PBOC this month accepted Ant’s application, the sources told Reuters, amid investor hopes that Chinese regulators are easing a crackdown on private enterprises that started in late 2020, as growth slows in the world’s second-largest economy due to COVID-19 curbs.

Ant and the PBOC did not respond to Reuters requests for comment on Friday.

New York-listed shares of Alibaba Group Holding Ltd, the Chinese ecommerce behemoth of which Ant is an affiliate, jumped nearly 10% on Friday shortly after the Reuters report.

Although Ant has been working with financial regulators for months on a broad revamp, the central bank’s agreeing to review the application signals the company could get…

Read more at economictimes.indiatimes.com

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