Chinese authorities plan to turn Ant Group into a financial holding company whose financial activities are put under stricter regulatory supervision in a move related to a monthlong antitrust probe.

A "comprehensive and actionable "revamp plan of Ant was released on Monday, providing a business overhaul in five aspects where the company should work to "correct its behavior of unfair competition", according to a joint statement by four government agencies including the People's Bank of China, the central bank.

The authorities ordered the company to disconnect its payment app Alipay from sister credit products like Huabei and Jiebei in order to offer customers more payment choices.

The company should end its monopoly on information collection, improve corporate governance, and manage liquidity risks of important fund products and actively reduce the balance of its money market fund Yu'EBao.

The IPO plan for Ant, the financial affiliate of Alibaba Group, was suspended days before its trading debut in November, when authorities cited a change in the regulatory environment.