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The head of Chinese financial technology firm Ant Group, which was banned from listing in November by the country’s central bank, said in a note to employees seen by the Wall Street Journal that the company would “certainly” go public.
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“I have full confidence in this,” wrote Ant Executive Chairman Eric Jing, adding however that the company would work first to comply with authorities’ demands.
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According to the Financial Times, Jack Ma, founder and majority owner of Ant’s parent company, Alibaba, has been reluctant to share much of the consumer data with China’s central bank, as requested by authorities. Ant’s Alipay app is China’s largest payment platform.
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Chinese officials pointed to antitrust concerns when they halted Ant’s initial public offering last year just days before the expected $ 37 billion listing in Hong Kong and Shanghai. Ma had criticized the Chinese regulatory system a few days before.
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Ma and her family have lost their status as China’s richest since her problem with the government began, according to a list released Tuesday. They are now in fourth place, with an estimated fortune of $ 55.6 billion.
Archives (January 2021): Alibaba founder Jack Ma appears for the first time in months
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