Ant Group Co. is planning a restructuring that will break off some operations that aren’t core parts of its China financial-related business, according to people familiar with the matter, paving the way for the company to revive an initial public offering in Hong Kong.
The company is looking at leaving its blockchain, database management services and international business out of a main entity that will be used to apply for a financial holding license in China, the people familiar said, requesting not to be named. It has relayed the plan to some shareholders, the people said.
Once the restructuring is completed and Ant secures a license for its financial holding company, it can prepare for an IPO in Hong Kong instead of a dual Shanghai-Hong Kong listing that it had pursued before a last-minute intervention by Xi Jinping’s government in 2020, said the people.
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