© Reuters. Alibaba jumped 9% in the report. China approves Ant’s bid for financial holding company
By Senad Karaahmetovic
Ant Group’s application to set up a financial holding company has been approved by China’s central bank, Reuters reported, citing sources.
Industry experts saw this step as a crucial element in Ant’s exit from regulatory constraints.
The approval also puts Ant in which Ali Baba (NYSE 🙂 has a 33% stake on its way to making its long-awaited market debut. The Asian fintech giant wanted to raise $ 37 billion in 2020 before China stopped its IPO.
Reuters and Bloomberg reported last week that the Ant Group had been given the green light to revive its IPO plans for Shanghai and Hong Kong.
Shares of Alibaba rose 9% on Friday before opening on Reuters news.