Alipay's Ant Group has been restructured as a financial holding company under China's state bank, the People's Bank of China (PBoC), the Wall Street Journal wrote on Wednesday.
The restructuring plan is still in talks and could be finalised ahead of the Chinese Lunar New Year in February, the WSJ said, citing people familiar with the matter.
The Financial Stability and Development Committee will need to approve the final plans, the sources added. The Ant Group, PBoC, State Council Information Office and China Banking and Insurance Regulatory Commission have not commented.
Authorities visited Ma ahead of the IPO listing and the Shanghai Stock Exchange, who later announced the company would "fail to meet" issuance and listing conditions. Refunds on over $2.8 trillion in IPO investments were later issued, according to reports.
Further headaches come after parent company Alibaba Group Holding Ltd and a division of Tencent Holdings Ltd were slapped with a 500,000 yuan ($76,500) fine for failing to seek approval for acquisitions in a proposed merger.
