• By The Financial District

Beijing Gives Initial Nod For Ant IPO Plans In Hong Kong, Shanghai

China's central leadership has given a tentative green light to Jack Ma's Ant Group to revive its initial public offering in Shanghai and Hong Kong, two sources with knowledge of the matter told Julie Zhu of Reuters.


Photo Insert: After giving a speech in Shanghai in October 2020 accusing financial watchdogs of stifling innovation, Chinese authorities canceled Ma’s IPO and cracked down on his business empire.



Ant, an affiliate of Chinese e-commerce behemoth Alibaba Group Holding Ltd., aims to file the preliminary prospectus for the offering as soon as next month, said the sources, declining to be named due to the sensitivity of the matter.

According to one of the sources, the fintech behemoth is still waiting for guidance from the China Securities Regulatory Commission (CSRC) on the specific timing of the prospectus filing.



Ant said there were no plans to relaunch its IPO, which had been pushed back to November 2020 at the request of Beijing. At the time, it was expected to be worth around $315 billion and raise $37 billion, a world record.

"Under the guidance of regulators, we are focused on steadily moving forward with our rectification work and do not have any plan to initiate an IPO," Ant said. This possibility of a share sale would be a clear sign of a thaw in relations.


All the news: Business man in suit and tie smiling and reading a newspaper near the financial district.

After giving a speech in Shanghai in October 2020 accusing financial watchdogs of stifling innovation, Chinese authorities canceled Ma’s IPO and cracked down on his business empire.


The derailment of the IPO signaled the beginning of a regulatory crackdown to rein in China's massive homegrown technology sector.



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