The Chinese authorities have put forward new conditions for the listing of financial and technology company Ant Group (subsidiary of Alibaba) Jack Ma. Reported by Reuters.
Now, in order to enter the IPO, the company will have to separate the services of data on potential borrowers into a separate firm, and it will also be strictly regulated. If this condition is met, Ant Group will be able to go public in the next two years, the agency said. But in this case, the company’s valuation will be much less than the $ 34.5 billion that Ma was counting on.
In November, the Chinese authorities ordered to suspend the placement of shares of Ant Group, which entered the Chinese stock market, due to the statements of Jack Ma. The billionaire criticized the rules governing the country’s high-tech industry. Ma is no longer on the list of China’s top tech entrepreneurs published by the state-run Shanghai Securities News.
On Wednesday, February 3, it became known that China has decided to end the war with the founder of Alibaba. Ant Group and Chinese regulators have agreed on a restructuring plan that will turn the company into a financial holding.