Pismire Grouping, the financial affiliate of China's e-commerce giant Alibaba, has reportedly reached an agreement with Chinese regulators over the visitor's status.

Co-ordinate to a Feb. 3 study by Bloomberg, Chinese regulators have agreed on a restructuring program that will turn Jack Ma's fintech giant into a financial holding company.

Ant Grouping's new status will reportedly get in subject to capital requirements similar to those for Chinese banks. The agreement will impact a wide scope of Ant's business operations, including its engineering science offerings in areas similar blockchain and food delivery, unnamed sources told Bloomberg.

According to the report, the restructuring plan marks the commencement step of an upcoming overhaul, which is expected to be a continuous process equally regulators are set to develop detailed uppercase requirements and other guidelines for companies spanning multiple financial business concern lines.

The new holding status will reportedly have crucial implications for Emmet Group in terms of its planned initial public offering. According to Bloomberg, Ant is nevertheless exploring opportunities for its potential IPO, but the new belongings framework could brand information technology more difficult as information technology is unclear how long it will take for authorities to come upward with a listing conclusion.

Ant Group declined to comment on the matter to Cointelegraph.

Equally previously reported, Ant Group filed its IPO in Hong Kong and Shanghai in August 2020, projecting to go the largest IPO in history. The $37 billion offering was subsequently halted by Chinese authorities amid concerns about Ant's size equally well as new rules requiring online platforms to provide more than of their ain funding for arranged loans.

Ant Grouping eventually became the bailiwick of an antitrust investigation in late 2020. The latest news about Ant'southward agreement with regulators comes shortly after Ma made his commencement public appearance since late 2020, subsequently virtually 3 months of intense speculation about his whereabouts.