Jack Ma-Backed Ant Plans Restructuring, Paving Way for HK IPO
- Ant plans to break off overseas, blockchain units: sources
- State-owned firms plan to take part in Ant’s share buyback
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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.