- The media has learned that Ant Group is preparing to restructure itself. The organization wants to separate the Web3, database management and international business divisions.
- The company then allegedly plans to apply to register a financial holding company in Hong Kong. Thus Ant Group returned to the idea of an IPO.
- The firm was preparing an initial public offering back in 2020. At the time, it was expected to be the largest IPO in history.
Ant Group, a subsidiary of conglomerate Alibaba, is planning a restructuring, Bloomberg reported, citing its sources. The counterparty eventually aims to enter the Hong Kong stock market with an IPO.
According to Bloomberg, Ant Group plans to spin off its international business, as well as its Web3 and database management divisions. After that, the company intends to apply for a license to register a financial holding company in Hong Kong, the publication’s source claimed.
The Ant Group declined to comment on the situation. Prior to that, Joseph Tsai, the new CEO of Alibaba Group, had announced a possible restructuring of the conglomerate.
Remember, Ant Group had planned to IPO back in 2020. Moreover, the company was preparing to go public both in Hong Kong and China. The estimated valuation of the organization at the time was $200 billion.
The idea was shelved, however, due to an investigation against the company in the PRC. On July 7, 2023, the People’s Bank of China announced the conclusion of the case, Ant Group was eventually ordered to pay a ¥7.12 billion ($984 million) fine.
It is notable that in 2020, Ant Group was going to sell 5-10% of its shares in the IPO. What stake we are talking about now, and when exactly the company will go public, is not yet known.
It is not yet known.