China to consider reviving Ant Group's IPO -Bloomberg News
Reuters
Published Jun 09, 2022 05:31AM ET
Updated Jun 09, 2022 07:06AM ET
(Reuters) -Chinese financial regulators have started early stage talks on a potential revival of Ant Group's initial public offering (IPO), Bloomberg News reported on Thursday, citing people familiar with the matter.
The China Securities Regulatory Commission (CSRC) said in a statement it had not conducted any assessment or research work regarding Ant's IPO.
The regulator had established a team to reassess the share sale plans of the fintech giant, which is controlled by billionaire Jack Ma, Bloomberg earlier reported.
Ant declined to comment to Reuters.
The U.S. listed shares of Alibaba (NYSE:BABA) Group Holdings, which owns nearly one-third of Ant, rose up to 4% in pre-market trading on the report but quickly fell on the CSRC statement to trade 3.6% lower.
Ant had planned a record $37 billion IPO in Shanghai and Hong Kong in November 2020 before China abruptly suspended the deal days before the stock was due to start trading.
The IPO's derailment marked the start of a regulatory crackdown to rein in the growth of China's technology sector and the possible revival of a share sale would be a clear sign of a thaw in relations.
Chinese regulators are concluding probes into ride-hailing giant Didi Global Inc and two other firms and are preparing to allow their apps back on domestic app stores as early as this week, the Wall Street Journal reported on Monday.
That report, citing unnamed people familiar with the issues, was interpreted as the latest signal to investors that official promises to ease pressure on China's internet sector may be gaining traction.
Ant has been subjected to a sweeping restructuring by Beijing since the end of 2020 that would see it become a financial holding company.
Authorities cracked down on Ma's business empire after he gave a speech in Shanghai in October 2020 accusing financial watchdogs of stifling innovation.(https://reut.rs/3xkSt4n)
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.