In a strategic maneuver aimed at a potential IPO in Hong Kong, Ant Group, backed by billionaire Jack Ma, is set to restructure and focus on its Chinese financial business.
Bloomberg reports the company plans to separate its blockchain database management and pursue a financial holding license in China.
Previously, Ant Group planned a monumental $30 billion IPO in Hong Kong and Shanghai in 2020, with a $226 billion valuation.
However, Chinese government intervention halted the plans. Now, the company aims for a Hong Kong IPO, abandoning its previous dual listing strategy.
Ant Group’s restructuring plans & Hong Kong IPO listing signals optimism for the blockchain space in the region.
As the company harnesses cutting-edge technologies and drive innovation, the future of blockchain in Asia looks promising and dynamic.
