Alibaba Group Holding (NYSE:BABA) fintech affiliate Ant Group explored listing its overseas arm, Ant International, on the Hong Kong stock exchange.
The Jack Ma-founded fintech giant Ant, which operates China’s mobile payments app Alipay, discussed the potential listing with regulators.
Ant International is registered in Singapore, Reuters reported Monday, citing unnamed sources familiar with the matter.
Also Read: Jack Ma Makes Rare Appearance At Alibaba Fintech Event Stresses On AI Revolution
China regulators called off Ma’s ambitious 2020 initial public offering of Ant Group at the last moment and initiated an antitrust crackdown on domestic giants, including Alibaba.
The regulatory action followed Ma’s speech, which criticized financial regulators for suppressing innovation.
The regulatory crackdown prompted Ant to overhaul its business and pay a $1 billion penalty. Ant is now trying to obtain a financial holding company license.
Alipay reported 100 million users for its tap-and-pay service, launched on June 7, 2024.
Last August, reports indicated Ant Group was in talks to acquire the Chinese online healthcare platform Haodf.com to integrate its technology with Haodf.com, which provides online consultations with doctors.
Ant Group also remains invested in its artificial intelligence ambitions. In 2023, it spent $2.9 billion (21.2 billion yuan) on research to advance its goals.
Price Action: BABA shares were trading higher by 0.60% at $126.54 premarket at the last check on Monday.
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