Chinese regulator orders Ant Group to conduct major overhaul

HONG KONG (AP) — Chinese regulators have ordered Alibaba Group Holding’s financial affiliate Ant Group to become a financial holding company that could be regulated more stringently. The authorities also ordered Ant to cease alleged anti-competitive behavior in its payments business. At a meeting on Monday, the People’s Bank of China and other financial regulators told Ant to reduce the balance of its money-market fund, and to stop any illegal credit, insurance or wealth-management activities. The guidance for Ant Group is part of a major overhaul for the company after regulators suspended a planned $34.5 billion IPO, citing regulatory changes, in November just days before its trading debut.