Ant Group conducting review after IPO collapse

EW YORK • Ant Group chairman Eric Jing has emerged contrite from the collapse of the fintech giant's US$35 billion (S$46.5 billion) initial public offering (IPO).To get more latest ant group news, you can visit shine news official website.

Mr Jing said at the fourth China Internet Finance Forum on Tuesday that Ant is striving to "properly manage" issues related to the IPO's suspension.

His remarks underscore a drastic shift in attitude from two months ago, when Ant co-founder Jack Ma delivered his now-infamous rebuke against "pawnshop" Chinese lenders and regulators that he said do not understand the Internet.The world's largest IPO unravelled following Mr Ma's speech, as Chinese regulators issued a slew of rules and proposals to rein in the country's sprawling tech industry.

"We are listening carefully to public opinion, including those with suggestions and expectations for Ant, as well as various kinds of criticisms," Mr Jing said. "These are all beneficial to Ant, and we have accordingly been conducting a comprehensive self-review."

Hangzhou-based Ant is sparing no effort in studying China's 14th Five-Year Plan that provides important government guidance and policy insights into financial security and financial stability, Mr Jing added.China has seen its share of public apologies from fallen billionaires and national champions.

Following a smack from commerce regulators in 2015, Mr Ma pledged to improve his fight against counterfeit goods proliferating on Alibaba's platform.In 2018, TikTok owner ByteDance shuttered one of its breakout hits, a seemingly harmless app that collated jokes, but was deemed too off-colour.

Also in 2018, Tencent was shamed for its video gaming empire after President Xi Jinping's government blamed addictive blockbusters like Honour Of Kings for myopia among youth.

Ant's current challenges stand out, given the amount of global investor attention the company has attracted.The IPO has only a slim chance of being revived next year, people familiar with the matter have said. The regulatory challenges facing Ant include capital and licensing requirements, a cap on loan rates and limits on its use of asset-backed securities to fund quick consumer loans.

"Everyone's had a wake-up call," said Mr Mark Tanner, managing director of Shanghai-based marketing and research consultancy China Skinny.

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