Ant Group said: 'The Adjustment will not result in any change to the economic interests of any shareholders of Ant Group and their beneficiaries.' fintech regulation ipo
Chinese billionaire Jack Ma recently agreed to give up control of Ant Group as part of changes to the fintech’s corporate structure, which will supposedly not have an impact on “the economic interests of any shareholders of Ant Group and their beneficiaries.” Once the process is complete, no single shareholder will have control over Ant Group, the fintech said in a statement.
“The Adjustment is being implemented to further enhance the stability of our corporate structure and sustainability of our long-term development. The Adjustment will not result in any change to the economic interests of any shareholders of Ant Group and their beneficiaries,” the Ant Group said in a statement.
Although Ma, who has been targeted by Chinese regulators in the past, has reportedly agreed to cede control of the fintech firm, onesuggests authorities in China will still impose a $1 billion fine on Ant Group. Furthermore, the fintech said the changes to its corporate structure do not mean it is reviving its much-publicized $37 billion initial public offering.
Meanwhile, following this announcement, the share price of Ant Group-linked firms as well as that of the e-commerce giant Alibaba all reportedly went up by 5%.
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