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Chinese central bank sets terms of Ant Group overhaul

PBOC orders Jack Ma-founded fintech company to 'rectify' five business practices

Chinese fintech company Ant Financial has been under regulatory pressure from Beijing for months.   © Reuters

HONG KONG -- China's central bank has told Alibaba Group Holding affiliate Ant Group to transform into a financial holding company, paving the way for the fintech giant to clear the regulatory obstacles that scuttled a planned initial public offering shortly before its market debut.

The overhaul for Ant revealed Monday clarifies the rules under which the financial technology company will have to operate and cuts the risk that it will be broken up, which some investors had feared.

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