Bankers who spoke with the Chinese company about a potential Hong Kong listing in the second half of 2022 or early 2023 have reportedly said that it’s again delaying plans to go public. The company first halted what would have been the world’s biggest IPO in 2020 amid pressure from Beijing. (The Information)
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Bankers who spoke with the Chinese company about a potential Hong Kong listing in the second half of 2022 or early 2023 have reportedly said that it’s again delaying plans to go public. The company first halted what would have been the world’s biggest IPO in 2020 amid pressure from Beijing. (The Information)
Talking point: The suspension of its 2020 listing came days after Alibaba founder Jack Ma publicly criticized China’s financial regulators at a conference. The last-minute cancellation marked the start of Beijing’s ongoing regulatory crackdown, which has put pressure on Chinese tech stocks and made it difficult for Ant and its stakeholders to determine when the company could go public. Alibaba’s stock fell below HK$100 (US$13) a share for the first time last Friday. Its market capitalization is roughly a third of its all-time high from October 2020 amid China’s slowing economic growth and regulatory risks. The delay of Ant’s listing has raised concerns for other Chinese tech firms that may be seeking to go public, including TikTok owner ByteDance.
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