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Alibaba's Ant Says 'Looking Into The Mirror' After IPO Fallout

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Alibaba's Ant Says 'Looking Into The Mirror' After IPO Fallout

Alibaba Group Holding Ltd (NYSE: BABA)-backed Ant Group Co’s Chairman Eric Jing said the company is introspecting its “shortcomings,” as reported by Bloomberg.

What Happened: Jing said at the fourth China Internet Finance Forum on Tuesday that the company is working to “properly manage” issues related to its scuttled $35 billion initial public offering, according to Bloomberg.

Ant is “looking into the mirror, finding out our shortcomings, and conducting a body check-up.” as per the executive.

Jing revealed that the company was listening to public opinion including “various kinds of criticisms” and has "accordingly been conducting a comprehensive self-review.”

Why It Matters: Jing isn’t the only Alibaba executive that has been singing Beijing’s paeans, post the axing of the mega IPO.

Last month, Alibaba CEO Daniel Zhang had called Beijing’s draft rules to prevent monopolies “timely and necessary,” speaking at an event in Wuzhen.

Group founder Jack Ma, as well as Ant Group and Alibaba executives, were summoned by Chinese regulators and the country’s central bank for questioning ahead of the now collapsed IPO.

The recent public utterances of the executives are markedly different from Ma’s criticism of the country’s regulators and bankers at a Shanghai event prior to the Ant Group IPO.

This week, the Chinese market regulator fined Alibaba Group RMB 500,000 ($76,464.29) after reviewing its acquisition deal with retailer Intime Retail (Group) Co Ltd.

Price Action: Alibaba shares closed nearly 0.4% lower at $255.11 on Tuesday and fell 0.22% in the after-hours session in New York.

Related Link: Jack Ma's Ant IPO Unlikely To Happen Before 2022 Over New Regulatory Hurdles: Report

 

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