Amt Group will not become public company
2023.01.08 09:38
Amt Group will not become public compan
Budrigannews.com – In an email sent to Reuters on Sunday, the financial technology giant Ant Group of China stated that it does not intend to launch an initial public offering (IPO).
The spokesperson for the company stated, “Ant Group has been focusing on its business rectification and optimization, and does not have a plan for an IPO.”
After a series of shareholding adjustments that resulted in him giving up the majority of his voting rights, Ant Group stated on Saturday that its founder, Jack Ma, no longer controls the business.
According to Reuters in November, Ma’s ceding of control occurs as Ant nears completion of its two-year regulatory-driven restructuring and Chinese authorities prepare to impose a fine of more than $1 billion on the company.
In China’s domestic A-share market, businesses must wait three years to list after a change of control. On the Nasdaq-like STAR market in Shanghai, the wait is two years, and in Hong Kong, it is one year.
In November 2020, Ant’s $37 billion initial public offering (IPO), which would have been the largest in the world, was postponed at the last minute. This resulted in a forced restructuring of the financial technology company and speculation that the Chinese billionaire would have to give up control.
More Twitter is cutting staff Bloomberg News reported
