By Senad Karaahmetovic

China Securities Regulatory Commission said that it’s not considering Ant Group’s IPO revival after Bloomberg News reported that authorities are taking steps to support Ant in going public.

It said that it supported eligible platform companies that wish to list abroad.

Bloomberg previously reported that Chinese regulators are holding talks over a potential re-launch of Ant Group’s initial public offering (IPO), marking a major U-turn by the authorities following a nearly two-year-long crackdown on tech companies.

Accordingly, the China Securities Regulatory Commission (CSRC) has formed a new team to explore options to revive Ant’s share sale plans. The fintech company is close to obtaining a license, which would permit it to conduct an IPO. It will also be more regulated as a bank institution.

Chinese regulators are considering Ant’s plans to list its shares in Shanghai. Ant could eventually do a double listing in Shanghai, Hong Kong. Recently, the company appointed Laura Cha (former Chairman of Hong Kong’s stock exchange) as an independent director.

Authorities have approved Ant’s new appointment and have also accelerated their decisions on the company’s revamp proposals.

Although the timeline for Ant’s IPO remains subject to regulators’ approvals, the move would mark a clear sign of progress that is likely to restore investor confidence in the Chinese private sector, which has been battered over the past years.

Ant Group being allowed to go public would be “a sign that regulators are following through on their pledge to end the crackdown on tech platforms,” according to Bloomberg Intelligence analyst Marvin Chen.

“Potential revival of the Ant IPO may also help support financial markets in the region as fundraising activity has dried up this year,” adds Chen.

China-based tech companies’ shares have been rising in recent weeks due to reports that Didi Global, a ride-hailing company (NYSE:), is being investigated by the government and will restore its apps to the mobile app store.

The shares of Alibaba After initially increasing 5% according to a Bloomberg report, Ant Group shares (NYSE:) fell 3.5% pre-open Thursday