Ant Group reportedly plans IPO, blockchain firm discloses offer price on Nasdaq, and more
Ant Group is reportedly cutting off its blockchain and database management businesses from its main entity to prepare for an upcoming public offering. Ant Group, a company backed by billionaire Jack Ma, is reportedly planning to restructure and cut ties to some operations that are not core parts of its Chinese financial business. The move prepares the company for a potential initial public offering (IPO) in Hong Kong. Citing anonymous sources, mainstream media outlet Bloomberg reported that the firm relayed to its shareholders that the company is looking to leave its blockchain , database management out of a main entity, which will then be applying for a financial holding license in China. After completing its restructuring plans and securing the license, the company can prepare to go public in Hong Kong instead of its former approach of pursuing a dual Shanghai-Hong Kong listing. In 2020, Ant Group targeted a $226 billion valuation by attempting a $30 billion IPO in Hong Kong and ...