Post by account_disabled on Feb 18, 2024 6:46:43 GMT -5
Ant, the fintech of Jack Ma, founder of Alibaba, already has a five-point agenda to comply with the demands of Chinese regulators. She arrives in the middle of the holidays, after the Chinese central bank has put in black and white everything that the company has to correct. This agenda also comes two months after the regulators of the Chinese stock exchanges suspended what was going to be the largest stock market debut in history. Ant Group expected to raise about 34.5 billion dollars , nearly 30 billion euros, in the Shanghai and Hong Kong stock markets. It would have surpassed the largest market debut in history, currently held by Saudi Aramco for its public sale offer at the end of 2019, which exceeded 24.8 billion euros.
Jack Ma, one of the largest Chinese fortunes and founder of Alibaba (AliExpress) lost 2.6 billion euros due to the delay in the listing of Ant, his new business venture. In mid-November, media such as The Wall Street Journal pointed to the Chinese president himself , Xi Jinping, as responsible for this decision. This is how Jack Ma, co-founder of Alibaba, lives and spends Europe Cell Phone Number List his fortune: from English teacher to becoming one of the richest men in the world Now we know what are some of the changes that Ant Group, Ma's fintech, has to implement if it wants to go public on the Asian stock markets. And it is very likely that it will not be able to assume all these changes in 2021 , so its IPO could be delayed until 2022 .
Even so, not all investigations have been completed. According to the People's Bank of China—the Asian giant's central bank—and media outlets such as TechCrunch and Bloomberg , Ant, the fintech that was born as a payments platform for the Alibaba group and was separated in 2011, lacked a governance structure. solid, defied regulatory requirements , illegally intervened in arbitration processes, expelled competitors using its dominance in the market and harmed consumer rights. In this sense, and after a closed-door meeting between Ant and the regulators that took place this Saturday, December 26, the platform has been required to return to its origins and be more transparent in transactions, collect more licenses for its credit businesses and better protect the privacy of its users. In addition, it is required to create a holding company that is provided with sufficient capital to guarantee its operations.
Jack Ma, one of the largest Chinese fortunes and founder of Alibaba (AliExpress) lost 2.6 billion euros due to the delay in the listing of Ant, his new business venture. In mid-November, media such as The Wall Street Journal pointed to the Chinese president himself , Xi Jinping, as responsible for this decision. This is how Jack Ma, co-founder of Alibaba, lives and spends Europe Cell Phone Number List his fortune: from English teacher to becoming one of the richest men in the world Now we know what are some of the changes that Ant Group, Ma's fintech, has to implement if it wants to go public on the Asian stock markets. And it is very likely that it will not be able to assume all these changes in 2021 , so its IPO could be delayed until 2022 .
Even so, not all investigations have been completed. According to the People's Bank of China—the Asian giant's central bank—and media outlets such as TechCrunch and Bloomberg , Ant, the fintech that was born as a payments platform for the Alibaba group and was separated in 2011, lacked a governance structure. solid, defied regulatory requirements , illegally intervened in arbitration processes, expelled competitors using its dominance in the market and harmed consumer rights. In this sense, and after a closed-door meeting between Ant and the regulators that took place this Saturday, December 26, the platform has been required to return to its origins and be more transparent in transactions, collect more licenses for its credit businesses and better protect the privacy of its users. In addition, it is required to create a holding company that is provided with sufficient capital to guarantee its operations.