The partners plan to establish a personal credit-scoring firm to handle Ant's treasure trove of data on over 1 billion consumers, said the people, adding that its ownership structure could help revive Ant's blockbuster initial public offering (IPO) which regulators put a stop to with just two days to go.
The IPO drew regulators' attention to billionaire Jack Ma's Ant and e-commerce affiliate Alibaba Group Holding Ltd . The result was a restructuring order for Ant, a record $2.75 billion fine for Alibaba for antitrust violations, and a near-three month disappearance of Ma from public view.
Under the plan, Ant and Zhejiang Tourism Investment Group Co Ltd will each own 35 per cent of the venture, while other state-backed partners include Hangzhou Finance and Investment Group and Zhejiang Electronic Port, said one of the people.
The only non-state investor will be Transfar Group said the people with knowledge of the matter, who declined to be identified as the information was private. Transfar's stake will total 7 per cent, said one of the people.
The plan would represent one of the most prominent outcomes of a government push for state-backed firms to exert more control and influence over fast-growing but previously lightly regulated new-economy businesses.
It follows the PBOC in April ordering Ant to become a more strictly regulated financial holding firm, break its "monopoly on information and strictly comply with the requirements of credit information business regulation." In June, Ant won operational approval for a consumer finance venture whose minority shareholders include state-owned firms.
The venture puts Ant's lucrative micro-lending businesses under tighter regulatory purview.
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