The company plans to become a financial holding firm that will be overseen by China’s central bank, sources said, after Chinese regulators told it to do so. Ant has already submitted an outline for its restructuring plan. (The Wall Street Journal)

Talking point: It is an extraordinary turnaround for the company, which was on track for a record-breaking initial public offering before regulators halted it. Ant had planned to make one of its subsidiaries a financial holding company, but doing so in its entirety means the company will be subject to regulations similar to banks. The sources said the plan could be finalized by mid-February. An Ant spokesperson declined to comment to the WSJ. Meanwhile, the company is also looking to sell EyeVerify, a Missouri-based biometric-security firm that is one of the jewels in its crown, as tensions remain high between China and the U.S.