China investigates Ant Group's IPO approval process
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TUESDAY, AUGUST 16, 2022
China investigates Ant Group's IPO approval process

World+Biz

Reuters
27 April, 2021, 09:00 pm
Last modified: 27 April, 2021, 09:03 pm

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China investigates Ant Group's IPO approval process

China has already imposed a sweeping restructuring on Ant Group, the fintech conglomerate whose record $37 billion IPO was derailed by regulators in November, underscoring Beijing's determination to rein in its internet giants

Reuters
27 April, 2021, 09:00 pm
Last modified: 27 April, 2021, 09:03 pm
A thermal imaging camera is seen in front of a logo of Ant Group at the headquarters of Ant Group, an affiliate of Alibaba, in Hangzhou, Zhejiang province, China October 29, 2020. REUTERS/Aly Song/File Photo
A thermal imaging camera is seen in front of a logo of Ant Group at the headquarters of Ant Group, an affiliate of Alibaba, in Hangzhou, Zhejiang province, China October 29, 2020. REUTERS/Aly Song/File Photo

China is investigating how Ant Group founder Jack Ma got speedy approvals for the company's stock listing last year, the Wall Street Journal reported on Tuesday, citing people with knowledge of the matter.

The central-government investigation, which started early this year, focuses on "regulators who greenlighted the initial public offering, local officials who advocated it and big state firms that stood to gain from it", according to the report.

Ma's relationships with these "state stalwarts" are also being examined as part of the investigation, the report said.

China has already imposed a sweeping restructuring on Ant Group, the fintech conglomerate whose record $37 billion IPO was derailed by regulators in November, underscoring Beijing's determination to rein in its internet giants.

The overhaul, directed by China's central bank, subjects Ant to tougher regulatory oversight and capital requirements and requires it to cut links between its hugely popular payments app Alipay and its other businesses.

Ant Group, the payment affiliate of Alibaba Group Holding Ltd, did not immediately respond to a Reuters request for comment.

china / Ant Group

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