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Reuters exclusively reports Alibaba affiliate Ant Group sees IPO in two years

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.

Article Tags

Topics of Interest: Business & Finance

Type: Reuters Best

Sectors: Equities

Regions: Asia

Countries: China

Win Types: Exclusivity

Story Types: Exclusive / Scoop

Media Types: Text

Customer Impact: Major Global Story

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