04 February 2021, 2:50 pm. 1 minute
Reuters reported exclusively that Ant Group Co plans to spin off its consumer-credit data operations, a concession to aggressive regulators that should help the Chinese fintech giant get its massive public share sale back on track. Hiving off the treasure trove of data on more than 1 billion people is a key part of Ant’s business overhaul in response to a regulatory crackdown that resulted in the abrupt suspension of its $37 billion initial public offering (IPO), which would have been the world’s biggest, sources told Reuters. The data spinoff, along with Ant’s conversion to a more strictly regulated financial holding company, will mean the affiliate of e-commerce behemoth Alibaba Group Holding Ltd could proceed with the IPO within two years, two sources said.
Topics of Interest: Business & Finance
Type: Reuters Best
Win Types: Exclusivity
Story Types: Exclusive / Scoop
Media Types: Text
Customer Impact: Major Global Story