Bank of China accepts request to establish Ant Group as a financial holding company : InfoQuest

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The People’s Bank of China (PBOC) accepted an application from Alibaba. to establish Ant Group as a financial holding company, which makes the market expect Chinese authorities will allow Ant Group to resume initial public offering (IPO) after it was suspended in late 2020.

Reuters reported, citing an insider source as saying. The move by the People’s Bank of China is the latest signal that Ant Group, a financial services and wealth management subsidiary of Alibaba, has been in the midst of a burgeoning economy. will be able to recover after being targeted by Chinese authorities

The report states that at the beginning of this month The Bank of China has accepted an application for the establishment of Ant Group as a financial holding company. while investors hope China’s regulators will ease strict scrutiny of private companies that have been in place since late 2020, after China’s economy slowed due to COVID-19 containment measures.

The People’s Bank of China’s decision to review the application also signals that Ant Group may be able to obtain a license after a long wait. Over the past several months to solve business operations in many areas.

However, the Ant Group and the Bank of China have not commented on Reuters.

Chinese authorities have suspended Ant Group from raising funds through an IPO that aims to reach $37 billion in November, after Alibaba and App founder Jack Ma said it had halted its IPO funding. Nat Group criticized China’s financial regulatory system in October. The same year, while the suspension came just days before Ant Group’s shares were traded on the Hong Kong and Shanghai Stock Exchanges.

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By InfoQuest News Agency (20 Jun 65)

Tags: PBOC, China, Alibaba, Ant Group

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