China investigates Ant Group’s IPO approval process
- 30 April 2021
- 490
Local officials and big state firms that showed support with the speedy approval process could have gained from it
As stated by Reuters, China is investigating regulators who «greenlighted» Ant Group’s initial public offering last year. The authorities are probing the speed with which the fintech giant’s listing was approved, as generally IPO approval may take up to several months, whereas Ant Group’s listing approval was fast-tracked and took only few weeks.
Currently, Beijing is looking into big state-owned firms who could gain from a listing of Jack Ma’s Ant Group. In addition, as noted by the Wall Street Journal, local officials will also be investigated, as the latter could provide support to the fintech giant.
Last year, Ant Group’s listing was stopped last minute. The world’s largest IPO was supposed to take place in November but got suspended by Chinese regulators two days before its expected launch.
