Ant Group Co.’s aspiration to revive its initial public offering could be jeopardized by recent investigations into Hangzhou’s top political leaders, according to Bloomberg Intelligence.
An IPO relaunch may falter “as Beijing’s probe into Hangzhou’s power structure stirs up legal woes, aggravated by a warning about ‘996’ work culture” -- a reference to Chinese companies’ tendency to drive staff to work overtime -- BI analysts led by Francis Chan wrote in a note on Tuesday.
