Ant Group says no plan for IPO, focusing on business optimisation

"Ant Group has been focusing on its business rectification and optimisation, and does not have a plan for an IPO," the company spokesperson said.the company after a series of shareholding adjustments that saw him give up most of his voting rights.

Ma's ceding of control comes as Ant is nearing the completion of its two-year regulatory-driven restructuring, with Chinese authorities poised to impose a fine of more than $1 billion on the firm, Reuters reported in November. China's domestic A-share market requires companies to wait three years after a change in control to list. The wait is two years on Shanghai's Nasdaq-style STAR market, and one year in Hong Kong.

Ant's $37 billion IPO, which would have been the world's largest, was cancelled at the last minute in November 2020, leading to a forced restructuring of the financial technology firm and speculation the Chinese billionaire would have to cede control.Our Standards:

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Ant Group says Jack Ma to relinquish control of companyChina's Ant Group said on Saturday that its founder Jack Ma will no longer control the Chinese fintech giant after the firm's shareholders agreed to implement a series of shareholding adjustments that will see him give up most of his voting rights. Flew too close to the sun? dugalira Good, all these pretentious tapori promoters should learn to plan a graceful exit
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