'You Can Take Any Of The Platforms Ant Has,' Jack Ma Told Beijing Amid IPO Scrutiny: WSJ

Jack Ma, co-founder of Alibaba Group Holding Ltd (NYSE: BABA), offered to give Beijing portions of his financial technology company Ant Group to mend its relationship with the Chinese government, the Wall Street Journal reported on Sunday.
What Happened: The previously unreported offer was made by Ma on Nov. 2 when questioned by Chinese regulators and the central bank ahead of Mega Ant's IPO.
"You can use any of the platforms that Ant has as long as the country needs it," the Chinese billionaire is said to have told the regulatory authorities.
Why it matters: China's President Xi Jinping has personally asked regulators to investigate the risks of Ant's $ 34 billion IPO and shut it down, the Journal reported last month.
See also: Why China slashed Jack Ma's Ant IPO hopes, experts explain
China's financial regulators reportedly have not taken a decision on Ma's offer, but a contemplated plan could subject Ant to stricter capital and leverage requirements.
Alibaba and another Chinese internet leviathan Tencent Holdings Ltd (OTC: TCEHY) were fined 500,000 RMB ($ 76,464.29) each earlier this month for failing to properly report past deals.
"The chances of nationalizing at least parts of the company are not zero," a Beijing-based government adviser said, according to the Journal.
Price Action: Alibaba shares closed at $ 260 on Friday, up nearly 1.7%.
Photo courtesy of the World Economic Forum via Wikimedia
See more from Benzinga
Click here for Benzinga option trades
Alibaba ropes in Gucci to attract brand conscious Chinese buyers
Alibaba's ant says "look in the mirror" after the IPO fallout
© 2020 Benzinga.com. Benzinga does not offer investment advice. All rights reserved.
In this article

You should check here to buy the best price guaranteed products.

Last News

Trump threatened to primary GOP lawmakers who favor the bipartisan infrastructure plan. 17 Republicans just voted to advance it, including Mitch McConnell.

Lucy Liu reveals Bill Murray threw 'inexcusable and unacceptable' insults at her on 'Charlie's Angels' set

McCormick recalls 3 seasonings over salmonella risk

Neighbors of 17-year-old Alaskan swimmer who won a shocking gold medal tell tourists she trains with whales and sea lions

Daniel Cormier immediately called Khabib Nurmagomedov after Conor McGregor ‘crossed the line’ in deleted tweet

Ex-Missouri police chief pleads guilty to beating man who allegedly tried to drown baby