Ant Group’s expected initial public offering (IPO) was scuttled this month, but the Chinese internet giant still has fans who are rooting for an IPO, which would be the world’s largest.To get more ant group ipo news, you can visit shine news official website.
That’s because the FinTech's underlying business – along with the benefits it brings to underserved customers – remains strong, said Liu Qiang, vice president of Fosun Technology and Financial Group. “I still believe they can create the record,” Liu told CNBC.
He told CNBC that tightening regulations can force companies to better educate users and spur “investors to get more sophisticated and invest more.” Liu added that Ant Group can handle the pressure that comes with additional regulatory scrutiny.
Nonetheless, Ant Group faces an uphill battle to deal with Chinese regulators, who have suggested they see such FinTechs as more like banks.
“In accordance with FinTech’s financial nature, we will bring all financial activities under a unified scope of supervision,” said Liu Fushou, chief legal counsel at the China Banking and Insurance Regulatory Commission.
Ant Group had estimated it would raise $37 billion with its IPO. The plan would have had the stock listed by the Shanghai and Hong Kong stock exchanges in China. However, the Shanghai Stock Exchange put a stop to the listing on Nov. 3, one day after Beijing debuted a set of regulations that would have forced Ant Group to revamp its business model. In particular, Ant Group’s micro-lending business may come under further scrutiny.