Ant Group Co would be turned into a financial holding company based on a restructuring plan imposed by a Chinese regulator.
The agreement calls for putting all of Ant’s businesses into the holding company, including its technology offerings in areas like blockchain and food-delivery.
An official announcement is set before the start of China’s Lunar New Year holiday which begins on Feb. 11.
Ant Group Co, an affiliate of e-commerce giant Alibaba Group, was set to make its market debut in November.
But a speech by its Ant Group founder Jack Ma criticizing China’s regulatory system led to the suspension of Ant’s $37 billion IPO set for November.
Chinese regulators since warned Ant that they intended to impose tighter regulations on the company.
