Alibaba’s Ant to exclude blockchain services, conduct IPO
Ant Group, Alibaba’s fintech arm, is rumored to exclude blockchain development from its primary financial business in China to pave the way for a Hong Kong IPO. Ant Group Co., a fintech affiliate of the Chinese e-commerce giant Alibaba, is contemplating a significant organizational overhaul. It would divest some non-essential functions from its core financial business in China, insiders told Bloomberg. Ant Group is considering the separation of its blockchain , database management, and global operations from its principal entity as part of this strategy. According to the insiders, the spin-offs are part of a larger plan to secure a financial holding license in China. Ant Group has reportedly communicated this information to a select group of shareholders. On the successful completion of the proposed restructuring and acquisition of the financial holding license, Ant Group will potentially revive its plans for a Hong Kong IPO. The company will go for one exchange listing inst...