<p>China's fintech giant Ant Group has no plan to initiate an initial public offering (IPO), it said on Sunday in an emailed statement to <em>Reuters</em>.</p>.<p>"Ant Group has been focusing on its business rectification and optimisation, and does not have a plan for an IPO," the company spokesperson said.</p>.<p>Ant Group said on Saturday that its founder Jack Ma no longer controls the company after a series of shareholding adjustments that saw him give up most of his voting rights.</p>.<p><strong>Also Read | <a href="https://www.deccanherald.com/business/business-news/ant-group-founder-jack-ma-to-give-up-control-in-key-revamp-1178713.html" target="_blank">Ant Group founder Jack Ma to give up control in key revamp</a></strong></p>.<p>Ma's ceding of control comes as Ant is nearing the completion of its two-year regulatory-driven restructuring, with Chinese authorities poised to impose a fine of more than $1 billion on the firm, <em>Reuters </em>reported in November.</p>.<p>China's domestic A-share market requires companies to wait three years after a change in control to list. The wait is two years on Shanghai's Nasdaq-style STAR market, and one year in Hong Kong.</p>.<p><strong>Also Read | <a href="https://www.deccanherald.com/international/world-news-politics/jack-ma-a-visionary-tycoon-grounded-by-chinese-regulators-1178781.html" target="_blank">Jack Ma: A visionary tycoon grounded by Chinese regulators</a></strong></p>.<p>Ant's $37 billion IPO, which would have been the world's largest, was cancelled at the last minute in November 2020, leading to a forced restructuring of the financial technology firm and speculation the Chinese billionaire would have to cede control.</p>
<p>China's fintech giant Ant Group has no plan to initiate an initial public offering (IPO), it said on Sunday in an emailed statement to <em>Reuters</em>.</p>.<p>"Ant Group has been focusing on its business rectification and optimisation, and does not have a plan for an IPO," the company spokesperson said.</p>.<p>Ant Group said on Saturday that its founder Jack Ma no longer controls the company after a series of shareholding adjustments that saw him give up most of his voting rights.</p>.<p><strong>Also Read | <a href="https://www.deccanherald.com/business/business-news/ant-group-founder-jack-ma-to-give-up-control-in-key-revamp-1178713.html" target="_blank">Ant Group founder Jack Ma to give up control in key revamp</a></strong></p>.<p>Ma's ceding of control comes as Ant is nearing the completion of its two-year regulatory-driven restructuring, with Chinese authorities poised to impose a fine of more than $1 billion on the firm, <em>Reuters </em>reported in November.</p>.<p>China's domestic A-share market requires companies to wait three years after a change in control to list. The wait is two years on Shanghai's Nasdaq-style STAR market, and one year in Hong Kong.</p>.<p><strong>Also Read | <a href="https://www.deccanherald.com/international/world-news-politics/jack-ma-a-visionary-tycoon-grounded-by-chinese-regulators-1178781.html" target="_blank">Jack Ma: A visionary tycoon grounded by Chinese regulators</a></strong></p>.<p>Ant's $37 billion IPO, which would have been the world's largest, was cancelled at the last minute in November 2020, leading to a forced restructuring of the financial technology firm and speculation the Chinese billionaire would have to cede control.</p>