Jack Ma, China’s richest man and founder of Alibaba who has a net worth of $54.5 billion, is taking steps to restructure his financial technology company Ant Group in conformity to Chinese regulators, OYOGist.com reports.
New proposals have been submitted to Chinese financial regulatory authorities, which must be approved before the company IPOs.
According to reports, Ant Group’s initial IPO (Initial Public Offering) and listing on both the Hong Kong and Shanghai Exchanges before Ma’s public disappearance would have seen the company reach a $300 billion dollars valuation. However, penalties that were aimed at preventing tech firms from becoming monopolies prevented the IPO in November of 2020.
The new proposal will see Ant Group restructure into a financial holding company, making it subject to China’s financial regulations.
Mr Jack Ma had disappeared from public appearances for at least two months after making a speech in Shanghai that criticized the financial regulatory system in China.
Jack Ma missed several public engagements including an appearance on the “Africa’s Business Heroes”.
News report later revealed Jack Ma was in a meeting with regulators discussing restructuring Ant Group in a new proposal. As part of the restructuring deal, Jack Ma has offered the government interests in his company, but they have turned down the offer.
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