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Apart from the mixed-ownership reform, restructuring plans were also implemented to set up industry giants while reducing the total number of SOEs.

Apart from his dedication to work, Zhao was mostly known for being thrifty. He had worn a synthetic-fiber sweater, worth only , for more than 10 years, and the most expensive piece of furniture in his home was an outdated TV.

Another 46.7 billion yuan was lent to financial institutions through the standing lending facility to meet provisional liquidity demand.

Ant said it had received the notice of the meeting and pledged to "seriously study and strictly comply with all regulatory requirements and make full efforts to fulfill all related work".

Apart from expanding the company's major business, the firm is also looking at growth opportunities in other sectors.