China's Ant Group, the fintech giant whose $37 billion IPO was derailed by risk-wary regulators days before it was due to list in November, will restructure as a financial holding company, the country's central bank said on Monday. The overhaul comes two days after e-commerce giant Alibaba Group Holding Ltd, of which Ant is an affiliate, was hit with a $2.75 billion antitrust penalty as China tightens controls on the "platform economy". Under terms of the settlement, Ant will restructure as a financial holding company, a move that, along with other restrictions announced on Monday, is expected to curb its profitability and valuation. "Ant Group attaches great importance to the seriousness of the rectification," the company said in a statement, adding it planned to set up a personal credit reporting business and to fold its two flagship lending businesses into its consumer finance company.