In 2020, the company was going to raise up to $37 billion in this way.
The reduction of Jack Ma’s stake in Ant Group’s capital is believed to allow the Chinese holding to bring the moment of entering the public offering of shares closer. Initially, the company expected to enter the stock market in the fall of 2020, but then the Chinese regulators blocked this deal. Now that the Ant Group’s ownership structure has changed, the company has the opportunity to look forward to preparing for a second IPO. The laws of the People’s Republic of China set aside three years for this from the moment of significant changes in the ownership structure.
According to Reuters, Ant Group currently has no intentions to prepare for a public offering of shares, according to company representatives. The priority is to optimize the business and settle other formalities that followed the reduction of the founder’s share in the capital of the Chinese giant.
Image Source: Reuters
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The Chinese holding Ant Group is not only the owner of the popular Ali Pay payment system, but also provides microcredit, insurance and asset management services. The Chinese authorities in 2020 were embarrassed by the strong influence of such companies on the country’s financial system, so they tried to force Ant Group into restructuring and other “voluntary restrictions”.
