Alibaba, Ant Financial Complete Restructuring
Alibaba Group (BABA) and its online financial services affiliate Ant Financial Services Group announced Tuesday that they have completed a previously announced restructuring between the two companies. The restructuring was announced in September as part of Alibaba’s IPO prospectus. At the time, Alibaba agreed to sell its small- and medium-enterprise (SME) loan business and other related services to Ant Financial. That transaction is now complete.