Ant Group initial public offering is said to be delayed indefinitely amid China's crackdown on the tech industry.
Bankers who last fall discussed a possible Hong Kong-based IPO of the fintech company in the second half of this year or in early 2023 are now saying an IPO is off the table, according to a report from The Information.
The report comes after Ant Group major investor Warburg Pincus last year cut its valuation for the Alibaba (NYSE:BABA) fintech unit by 15% to below $200B. Reuters reported in October that Ant Group was forming a personal credit scoring JV in an attempt to get its IPO back on track.
Late in 2020, Ant was preparing for a record-setting $34.5B dual-listed IPO when regulators pulled the offering days before the listing. The company was said to be valued at $315B at the time. Beijing was concerned about tech company overreach and the lack of regulations surrounding their financial products.