This is an archive article published on July 26, 2023

Ant Group plans restructuring, paving way for Hong Kong IPO: Report

The Alibaba 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, a report said.

Jack Ma-backed Ant Group is planning a restructuring that will break off some non-core operations of its China financial-related business, a report said. (File image)

By: Reuters

2 min readJul 26, 2023 10:43 AM IST First published on: Jul 26, 2023 at 10:43 AM IST

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 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.