Beijing plans to break up Ant Group’s Alipay and create a separate app for the tech giant’s loan business. Regulators previously ordered Ant to split the company of Alipay from lending businesses Huabei and Jiebei. They want the credit businesses to be divided into an independent app. Ant will need to turn over user data to a new credit joint venture, which will be partially state-owned. As a result, Hong Kong-listed shares of Alibaba ($BABA@China), Ant Group’s e-commerce affiliate, fell more than 4% today.