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• Alibaba’s shares fell 8% following the announcement
Ant Group announced that it currently has no plans to revive an initial public offering (IPO).
“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,” Jack Ma's Ant Group said in a brief statement through the company’s WeChat account, reported Reuters.
Alibaba’s shares fell 8% following the announcement.
The planned IPO of Ant Group, was pulled in November 2020 after regulators flagged concerns with the company. Since then, Ant Group has been ordered by regulators to rectify its business to comply with Chinese rules, including setting up a financial holding company.
The dual listing in Hong Kong and Shanghai would have been the biggest IPO in history, had the company gone through with its move.
The regulatory scrutiny on Ant Group kick-started 16 months of regulatory tightening from Beijing that has wiped billions of dollars of value from China’s domestic technology giants.
Source - Reuters
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