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8 Jan (Reuters) – Chinese fintech giant Ant Group has no plans to launch an initial public offering (IPO), it said in an email to Reuters on Thursday.
A spokesperson for the company said, “Ant Group is focused on fixing and optimizing its business and has no plans for an IPO.
Ant Group said Saturday that it no longer controls the company after a series of shareholding adjustments that saw founder Jack Ma relinquish most of his voting rights.
Ma’s transfer of control comes as Ant nears the end of a two-year, regulatory-led restructuring that will see Chinese authorities fine the company more than $1 billion, Reuters reported in November. It shows that you are ready.
On China’s domestic A-share market, companies must wait three years to list after a change of control. The waiting period is two years in the Nasdaq-style STAR market in Shanghai and one year in Hong Kong.
Ant’s $37 billion IPO, the world’s largest, was canceled at the last minute in November 2020, forcing financial tech restructuring and leading to speculation that a Chinese billionaire might have to hand over control rice field.
Reporting by Yingzhi Yang from Shanghai and Rhea Binoy from Bangalore; Editing by Elaine Hardcastle
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