© Reuters. FILE PHOTO: A booth of Ant Group is pictured at the Singapore FinTech Festival, Singapore, November 4, 2022. REUTERS/Anshuman Daga/File Photo
(Reuters) -Jack Ma-backed Ant Group is planning a restructuring that will break off some non-core operations of its China financial-related business, Bloomberg News reported on Tuesday, citing people familiar with the matter.
The Alibaba (NYSE:) Group affiliate is looking at excluding its blockchain, database management services and international businesses from a main entity that will be used to apply for a financial holding license in China, the report said.
Once the restructuring is complete and Ant secures the license, it can prepare for a public listing in Hong Kong instead of reviving the dual Shanghai-Hong Kong listing plan that was suspended by Chinese authorities in 2020, Bloomberg said.
Ant Group declined to comment on the report, while Alibaba did not immediately respond to a Reuters request for comment.
Earlier this month, Ant Group announced a surprise share buyback that valued the fintech giant at $78.54 billion, well below the $315 billion touted in the suspended IPO.
Alibaba said it would not participate in the buyback but would maintain its shareholding in Ant.
However, some Chinese state-owned firms that took part in Ant’s earlier funding rounds are planning to participate in the buyback and shareholders have until early August to make a decision, Bloomberg reported.
>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : Investing.com – https://www.investing.com/news/economy/ant-group-plans-restructuring-paving-way-for-hong-kong-ipo–bloomberg-news-3133991
