Chinese President Xi Jinping has been pushing to block what would have been a record-breaking IPO for billionaire Jack Mas Ant Group in 2020. It happened because of political families linked to the Communist Party who were to win billion dollars through cloudy vehicle investments, according to a new report.
According to a report in the Wall Street Journal, investment firms linked to the grandson of former President Jiang Zemin and the son-in-law of former Politburo Standing Committee member Jia Qinglin took advantage of the IPO with their participation in the Ant group. .
Ant Group is the financial payments arm of the Mas Alibaba empire.
Much has been written about what has gone wrong. There are many possibilities.
The WSJ report describes them as “a coterie of well-connected Chinese actors, some of whom have ties to political families that represent a potential challenge for President Xi and his entourage.
Among the families is Boyu Capital, a private equity firm founded by Jiang’s grandson, Jiang Zhicheng.
Another is Li Botan, who controls the Beijing Zhaode Group, which has invested in Ant through three tiers of investment vehicles, according to the report.
Li is the son-in-law of Jia Qinglin, a senior executive who served on the Politburo standing committee for ten years until 2012 and is close to Jiang.
Investment vehicles linked to party-linked families, according to the Wall Street Journal, added to other executives’ concerns about the Ant Group’s IPO.
The last-minute suspension in early November of the $ 35 billion IPO of the Ant Group, which is the financial arm of Alibabas and behind Alipay, China’s largest digital payments company, has sparked intense speculation on Ma’s fate, but later reports said he was working. with regulators to address their concerns.
Reports earlier this month said regulators and the group were close to agreeing on a restructuring plan, which would place all of Ants’ activities in a financial holding company and subject it to applicable requirements. to banks.
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