Bloomberg News
Tue, January 26, 2021, 6:40 PM
Ant Group Co. could resume its plans for an initial public offering once problems are resolved, China’s central bank chief said, offering some relief to global investors seeking signs on what the future holds for the world’s largest fintech giant.
People’s Bank of China Governor Yi Gang said relevant agencies are still investigating issues related to monopolies at billionaire Jack Ma’s Ant Group, adding that the matters were “complicated” and some risks concerned consumer privacy. To resolve the problems, regulators need a clear legal framework, Yi said on a panel at the World Economic Forum on Tuesday.
“I would say that this is a process and also once the problem solved, it will go back to the track to continue consideration according to law,” Yi said in English. When asked whether that means an IPO, he added that if the company follows the legal structure, “you will have the result.”
Chinese regulators are asking Ant to work on a timetable to overhaul its business after abruptly halting its $35 billion IPO in November. The fate of Ma’s sprawling fintech empire remains uncertain after China issued a slew of draft rules that threatened to curb growth for some of Ant’s most lucrative businesses.
The message from Yi is the latest sign that Ant has avoided a worst-case scenario where it needs to shutter businesses completely. Ma resurfaced in January, ending a months-long period away from public view that fueled intense speculation about his plight.
Ma addressed teachers via a livestream during an annual event in January to commend rural educators, talking about how he’ll spend more time on philanthropy. The co-founder of Alibaba Group Holding Ltd. and Ant didn’t mention his recent run-ins with Beijing during his address.
Shares of Alibaba rose as much as 3.9% on Wednesday morning in Hong Kong.
Se terminaron las malas ondas, a esperar el balance la semana que viene...
