It is reported that the central bank has accepted the application of Ant Group to set up a financial holding company

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On June 17, Reuters quoted three people familiar with the matter as saying that the People’s Bank of China has accepted Ant Group’s application to set up a financial holding company, which is the completion of a year-long reform of Jack Ma’s fintech business and re-engineering. A key step in revitalizing its stock listing.

If the central bank approves the plan, Ant Financial’s financial business, from payments to wealth management, is expected to resume.

The central bank accepted Ant Financial’s application this month as the economy showed signs of slowing growth due to the impact of the pandemic, and investors also want regulators to loosen their grip on private companies, the sources said. Ant Financial and the central bank did not respond to requests for comment.

On Friday, Reuters reported that Ant Financial had been working with financial regulators on sweeping reforms for months, but the central bank’s agreement to review the application suggested the company could soon be granted the long-awaited license. On the same day, Alibaba’s U.S. stock market rose nearly 10%.

IT House has reported that the China Securities Regulatory Commission said at a press conference on June 9: The China Securities Regulatory Commission has not conducted evaluation and research work on the resumption of listing of Ant Group, but the China Securities Regulatory Commission supports the listing of eligible platform companies at home and abroad.

On November 2, 2020, the four departments conducted regulatory interviews with the actual controller of Ant Group, Jack Ma, Chairman Jing Xiandong, and President Hu Xiaoming. On November 3, the Shanghai Stock Exchange and the Hong Kong Stock Exchange suspended the listing of Ant Group, and then Ant announced on the Hong Kong Stock Exchange that the listing of H shares was also postponed.

According to Reuters, the central bank told them in a December 2020 statement that Ant Financial was drafting plans to set up a financial holding company and that Ant Financial should ensure that all of its financial operations are brought under supervision.

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