“Ant Group has been focusing on its business rectification and optimisation, and does not have a plan for an IPO,” the corporate spokesperson stated.
Ant Group stated on Saturday that its founder Jack Ma now not controls the corporate after a collection of shareholding changes that noticed him hand over most of his voting rights.
Ma’s ceding of management comes as Ant is nearing the completion of its two-year regulatory-driven restructuring, with Chinese authorities poised to impose a high-quality of greater than $1 billion on the agency, Reuters reported in November.
China’s home A-share market requires firms to attend three years after a change in management to record. The wait is 2 years on Shanghai‘s Nasdaq-style STAR market, and one 12 months in Hong Kong.
Ant’s $37 billion IPO, which might have been the world’s largest, was cancelled on the final minute in November 2020, resulting in a compelled restructuring of the monetary know-how agency and hypothesis the Chinese billionaire must cede management.
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