Ant Group, founded by billionaire Jack Ma, canceled its IPO in November 2020 after regulators flagged concerns with the company. Since then the company has been ordered to recover its business. Ant Group said a revived IPO is not on the cards yet.
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Ali Baba Shares fell 8% on Thursday after financial affiliate Ant Group said it had no plans to revive the IPO, and a major regulator said it had not done valuations on a potential listing.
Ant Group’s planned IPO, which is bankrolled by billionaire Alibaba founder Jack Ma, was pulled in November 2020 After regulators flagged concerns with the company. The dual listing in Hong Kong and Shanghai would have been the largest IPO in history.
Since then, the ant group has been ordered by regulators. Upgrade your business to comply with Chinese regulationsIncluding the establishment of a financial holding company.
on Thursday, bloomberg It is reported that Chinese financial regulators have started early-stage discussions about reviving the IPO, citing people familiar with the matter. Reuters Told that the Chinese leadership has given the green signal for the listing.
But Ant Group said that there are no plans to bring an IPO.
“Under the guidance of regulators, we remain focused on continuing to move forward with our improvement work and have no plans to launch an IPO,” a company spokesperson told CNBC on Thursday.
The China Securities Regulatory Commission, which will approve the listing, said in a statement on Thursday that it had not conducted “evaluation and research work” regarding the potential Ant Group IPO. CSRC said it supports eligible platform companies to go public at home and abroad.