A corporation controlled by the fintech behemoth supported by Alibaba and the Chinese conglomerate Fosun obtained the rights to a block of property in Shanghai, according to analysts, and Ant Group may be hinting at the revival of its IPO prospects.
In order to strengthen its position in the city’s fintech and blockchain sector, Ant said that when the transaction is complete, it will acquire around 60,000 square meters of office space. The article stated that “thousands of staff are expected to be accommodated at the new facility.”
Alibaba now operates a number of companies and operations out of Shanghai. This includes the city’s R&D facility and the corporate offices of omnichannel retailer Hema Fresh.
Regulators blocked Ant’s US $37 billion initial public offering (IPO) in late 2020, citing the company’s failure to satisfy listing criteria or transparency requirements. Ant, though, may be allowed a second shot for a financial debut as China’s restriction on technology eases, according to reports.
The change coincides with Alibaba’s statement that seven Ant Group executives had left the company’s “partnership structure.” Eric Jing Xiandong, the chair, and Xingjun Ni, the CTO, were both moved.
