In today’s briefing:
- Ant Group: Shareholder Restructuring Announced and the Lack of IPO Plan Are Negatives Surprise
Ant Group: Shareholder Restructuring Announced and the Lack of IPO Plan Are Negatives Surprise
- The announced restructuring of Ant Group holding companies will block founder Jack Ma from achieving majority voting on the board following the implementation of the holdcos adjustment
- The majority of board directors will be “independent” post the holdco restructuring and they are likely to drive a more social policy focused agenda, as the 2021 sustainability report suggests
- We see these developments, and especially the lack of IPO plan, to be negative for non-government aligned Ant Group shareholders, such as the international private equity groups and especially Alibaba
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