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Alibaba shares drop after Jack Ma’s Ant Group says no plan for IPO


Ant Group was founded in 2000 by Jack Ma. In November 2020, regulators raised concerns about the company and it pulled out of its IPO. The company was ordered to correct its business since then. Ant Group stated that a relaunched IPO was not in the plans.

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AlibabaShares fell 8% after Ant Group, a financial affiliate said that it has no plans for an IPO revival and a regulator stated it hadn’t done an evaluation of a possible listing.

Ant Group is owned by Jack Ma (billionaire founder of Alibaba). IPO pulled in November 2020After regulators raised concerns about the company. It would have made history as the largest IPO, with simultaneous listings in Hong Kong and Shanghai.

Regulators have ordered Ant Group to cease operations. rectify its business to comply with Chinese rulesYou can also set up a financial holding corporation.

The following is the Thursday schedule BloombergAccording to reports, Chinese financial regulators are in the early stages of discussions regarding the revival of the IPO. This is according to people who have been familiar with the subject. ReutersReports indicate that the Chinese leadership gave approval for listing.

Ant Group stated that there is no plan for an IPO.

CNBC was told Thursday by a spokesperson that the company is focused on continuing with our rectification work under the supervision of regulators. The company does not intend to launch an IPO.

China Securities Regulatory Commission, which is set to greenlight listings, stated in a Thursday statement that it has not done any “evaluation or research” on potential Ant Group IPOs. The CSRC said it supported eligible platform companies that go public abroad and at home.