Ant Group Co.’s initial public offering was scuttled almost two years ago.
China Securities Regulatory Commission has established a team to reassess the fintech giant’s share sale plans.
Authorities are also nearing the final stages of issuing Ant a long-awaited license.
A meaningful relaxation of curbs on Ant and Didi would send a powerful signal that policymakers are following through on pledges to support the industry.
Ant, controlled by billionaire Jack Ma, said on its WeChat official account that it is working on restructuring the company under the guidance of regulators.
The crushing of Ant’s $35 billion IPO in November 2020 sent shock waves across the financial world.
It marked the beginning of a broader crackdown that ensnared some of China’s fastest-growing companies.
Ant recently appointed Hong Kong stock exchange Chairman Laura Cha as an independent director.
The move was blessed by regulators in Beijing, people familiar with the matter said. Authorities are now preparing to issue Ant a financial holding company license, people said.
Ant has ramped up its capital base to 35 billion yuan ($5.2 billion) and moved to build firewalls.
This report’s information was first seen on Bloomberg; to read more, click this link.
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