Ant Group is planning to split off some non-core operations – such as blockchain, database management services, and international business – as it prepares to apply for a financial holding license in China, potentially paving the way for a Hong Kong IPO.

The restructuring follows a nearly three-year regulatory probe into the fintech giant, which resulted in a fine of nearly US$1 billion. The firm’s shareholders have approved a buyback of 7.6% of shares at about US$79 billion, far below its US$280 billion valuation prior to its abandoned 2020 IPO.