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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.

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