This emerged from a message from Ant Group on Saturday. The move comes as Chinese regulators tightened the fintech giant’s planned IPO two years ago, reining in the tech industry that has since thrived.
The departure of apparently discredited founder Ma could rekindle plans for an IPO for Ant Group. But Chinese stock markets require a two to three-year waiting period after such corporate governance changes. Hong Kong has only one year.
Ant Group is behind Alipay, the Chinese mobile payment system with over one billion users. The IPO planned for 2020 would be the world’s largest at $35 billion and failed at the last minute due to regulatory authorities.
Since then, the 58-year-old multi-billionaire has largely disappeared from the public eye, according to media reports, where he lived longer in Japan last year and was coincidentally spotted in Thailand last week.
(SDA)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
