Jan 8 (Reuters) – Chinese fintech giant Ant Group has no plans to launch an initial public offering (IPO), it said in an emailed statement to Reuters on Sunday.
“Ant Group has been focusing on the correction and improvement of its business and has no plans for an IPO,” said a company spokesperson.
Ant Group said on Saturday that founder Jack Ma would no longer control the company after a series of share repurchases, giving up most of his voting rights.
Ma’s oversight comes as Ant is wrapping up a two-year regulatory overhaul, with Chinese authorities poised to fine the firm more than $1 billion, Reuters reported in November.
China’s domestic A-share market requires companies to wait three years after a regulatory change to list. Maturity is two years on the Shanghai Nasdaq-style STAR market and one year on the Hong Kong stock market.
Ant’s $37 billion IPO, which was the world’s might be, was on the last minutes in November 2020 which was made a force restructuring of the financial technology firm and the Chinese billionaire is the controls of the China.
Reporting by Yingzhi Yang in Shanghai and Rhea Binoy in Bengaluru; Edited by Elaine Hardcastle
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