Ant Group plans restructuring, paving way for Hong Kong IPO … – Reuters

July 25 (Reuters) – Jack Ma-backed Ant Group (688688.SS) 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 Group (9988.HK) 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…

Read the full article at: https://www.reuters.com/technology/ant-group-plans-restructuring-paving-way-hong-kong-ipo-bloomberg-news-2023-07-26/