This photo from September 25, 2020 shows Jack Ma, founder of Alibaba Group, attending the opening ceremony of the 3rd All-China Young Entrepreneurs Summit in Fuzhou, Fujian Province of China. Alibaba is among the Chinese technology stocks recently upgraded by JPMorgan analysts.
Lyu Ming | China News Service via Getty Images
China's central bank said Alibaba's fintech affiliate Ant Group is drafting a plan to set up a financial holding firm, and that the company should ensure that all its financial operations are under regulatory supervision.
Ant Group controls a range of financial institutions, including securities and insurance firms, and should set up a financial holding company according to law, the People's Bank of China said in a statement on Tuesday.