The overhaul seeks to draw a line under a regulatory crackdown that was triggered soon after its mammoth stock market debut was scuppered two years ago.
“Investors can stop guessing and can finally assign a risk premium to the new company that Ant was transformed to be,” said Alexander Sirakov, managing partner at Aquariusx, a Shanghai-based investment consultancy. While some analysts have said a relinquishing of control could clear the way for the company to revive its initial public offering , the controller changes announced on Saturday, however, are likely to result in a further delay due to listing regulations.
China’s domestic A-share market requires companies to wait three years after a change in control to list. The wait is two years on Shanghai’s Nasdaq-style STAR market, and one year in Hong Kong.Ant’s $37 billion IPO, which would have been the world’s largest, was cancelled at the last minute in November 2020, leading to a forced restructuring of the financial technology firm and speculation the Chinese billionaire would have to cede control.
Source: News Formal (newsformal.com)
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