Ant Group plans restructuring, paving the way for Hong Kong IPO – Bloomberg


Ant Group booth at Singapore Fintech Festival

FILE PHOTO: Ant Group's booth is photographed at the Singapore FinTech Festival in Singapore on November 4, 2022.

Jack Ma-backed Ant Group is planning a restructuring to divest some non-core businesses in its China finance-related business, Bloomberg reported on Tuesday, citing people familiar with the matter.

The Alibaba Group affiliate is considering excluding its blockchain, database management services and international operations from being the main entity it will use to apply for a Chinese financial holding license, the report said.

Bloomberg said that once the restructuring is completed and Ant Financial obtains a license, it can prepare to list publicly in Hong Kong instead of resuming the Shanghai-Hong Kong listing plan that was suspended by Chinese authorities in 2020.

Ant Group declined to comment on the report, while Alibaba did not immediately respond to a Reuters request for comment.

Earlier this month, Ant Group unexpectedly announced a share buyback that valued the financial technology giant at $78.54 billion, far lower than the $315 billion claimed in the suspended IPO.

Alibaba said it would not participate in the buyback but would maintain its stake in Ant Financial.

However, according to Bloomberg, some Chinese state-owned enterprises that participated in Ant Financial’s early financing are planning to participate in buybacks, and shareholders will have until early August to make a decision.

read:

Alibaba says it won't sell stake in Ant Financial's buyback plan

Ant Group’s unexpected share buyback valuation is a massive 75% discount to IPO


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