Beijing gives initial nod to revive Ant IPO after crackdown cools, say sources

HONG KONG, June 9 ― China's central leadership has given billionaire Jack Ma's Ant Group a tentative green light to revive its initial public offering , two sources with knowledge of the matter said, in the clearest sign yet Beijing is easing its crackdown on the tech sector.

In a publicly released statement, Ant said there was no plan to relaunch its IPO, without elaborating. It did not respond to Reuters request for comment on whether it had received a green light from Beijing. Neither the CSRC nor China's State Council Information Office, which handles media queries for central leaders, responded to Reuters' request for comment.

With its economy slowing in a politically sensitive year when Xi Jinping is expected to secure an unprecedented third term as president, Beijing is looking to loosen its grip on private businesses including tech giants to help it meet a growth target of 5.5 per cent, something economists have said will be hard to reach given Covid-19 lockdowns.

In another sign of Beijing's softer stance, China's ride-hailer Didi Global, which has been under a cybersecurity probe since last year, is in advanced talks to buy a third of a state-backed electric-vehicle maker, Reuters reported yesterday. The US listed shares of Alibaba, which owns nearly one-third of Ant, were down 4% after earlier rising as much as 7 per cent in pre-market trading on the Bloomberg report.

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