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May 05, 2024 اردو ► PRINT EDITION ► BR MARKETS ► Dollar to PKR ►

Ant Group

Fidelity halves valuation of Ant Group after Chinese crackdown: WSJ
Markets

Fidelity halves valuation of Ant Group after Chinese crackdown: WSJ

  • That figure compares to an appraised value of $295 billion as at the end of August. Fidelity was among a small group of global investors that bought into Ant three years ago.
  • Ant's initial public offering was canceled in spectacular fashion last November and Chinese regulators later ordered the enterprise to convert into a financial holding company, denting Ant's appeal in the eyes of investors.
Published 03 May, 2021 05:34pm
China investigates Ant Group's IPO approval process
Business & Finance

China investigates Ant Group's IPO approval process

  • The central-government investigation, which started early this year, focuses on "regulators who greenlighted the initial public offering, local officials who advocated it and big state firms that stood to gain from it", according to the report.
  • Ma's relationships with these "state stalwarts" are also being examined as part of the investigation, the report said.
Published 27 Apr, 2021 08:36pm
China's Ant explores ways for Jack Ma to exit as Beijing piles pressure
Markets

China's Ant explores ways for Jack Ma to exit as Beijing piles pressure

  • The Wall Street Journal previously reported that Ma had offered in a November meeting with regulators to hand over parts of Ant to the Chinese government.
  • Ant denied that a divestment of Ma's stake was ever under consideration. "Divestment of Mr. Ma's stake in Ant Group has never been the subject of discussions with anyone," an Ant spokesman said in a statement.
Published 17 Apr, 2021 05:37pm
Ant Group to overhaul business as Beijing clamps down
Business & Finance

Ant Group to overhaul business as Beijing clamps down

  • Apply to set up a financial holding company to ensure its financial-related businesses are fully regulated.
  • 'Jiebei' and 'Huabei', the company's two credit subsidiaries, will be run by its consumer finance company which will be operated in compliance with relevant laws and regulation.
Published 12 Apr, 2021 06:42pm
Jack Ma's Ant IPO blocked by Chinese government, after probe revealed political beneficiaries
World

Jack Ma's Ant IPO blocked by Chinese government, after probe revealed political beneficiaries

  • Last year, Chinese premier Xi Jinping blocked Ant Group's initial public offering, as it was speculated that the decision was based on Jack Ma's public criticism of Jinping's financial oversight campaign, and that it could add risk to the financial system.
  • A group of well-connected Chinese power players backed the company; including those linked with political families that pose a potential challenge to Jinping's authority.
Updated 17 Feb, 2021 05:05pm