The company could become the latest victim of a years-long technology battle between Beijing and Washington that saw the Trump administration lash out at such Chinese companies as telecoms giant Huawei and surveillance camera maker Hikvision over everything from intellectual property theft, to breaches of sanctions and human rights abuses. “We believe that the IPO should, at a minimum, be delayed to ensure that.disclosures are faithfully done and properly evaluated as, regrettably, a sizeable portion of the IPO proceeds will almost surely end up in the investment portfolios of millions of retail American investors,” the group said in the letter, dated Sept. interactions are with merchants accepting payment from Chinese travelers and businesses in the country.Īn anti-China advocacy group known as the Committee on the Present Danger: China, whose membership includes hedge fund manager Kyle Bass and former Trump strategist Steve Bannon, penned a letter to Trump last month calling for the company to be added to a trade black list and the IPO to be delayed. Based in the eastern Chinese city of Hangzhou, Ant is 33% owned by Alibaba Group Holding Ltd and controlled by Alibaba founder Jack Ma.Īnt’s Alipay payment platform, like Tencent’s WeChat’s platform, is used primarily by Chinese citizens with accounts in renminbi. “These digital payment systems are the source of well-founded national security concerns, and the Trump administration should move to protect American users’ sensitive financial data as quickly as possible,” Republican Representative Jim Banks said in a statement when asked whether the administration should impose sanctions on the company.Īnt is China’s dominant mobile payments company, offering loans, payments, insurance and asset management services via mobile apps. Others fear it could give the Chinese government access to sensitive banking data belonging to U.S. Some fear the offering, worth up to $30 billion, could expose scores of U.S. But Rubio’s remarks are a sign of growing pressure among China hardliners in Congress, within the administration and elsewhere, for President Donald Trump to sanction Ant before it lists later this month. government could postpone the listing of a Chinese company abroad. It was not immediately clear how the U.S. Goldman Sachs GS.N is also involved.Īnt declined to comment on Rubio’s remarks, but said its business was primarily in China and it is excited about growth prospects there. Credit Suisse CSGN.S is working as a joint global coordinator. The Hong Kong leg of the IPO, part of a dual listing in Shanghai and Hong Kong, is being sponsored by China International Capital Corp 3908.HK, Citigroup C.N, JPMorgan JPM.N and Morgan Stanley MS.N. “The Administration should take a serious look at the options available to delay Ant Group’s IPO,” he added. “It’s outrageous that Wall Street is rewarding the Chinese Communist Party’s blatant crackdown on Hong Kong’s freedom and autonomy by orchestrating Ant Group’s IPO on the Hong Kong and Shanghai stock exchanges,” Rubio, a Republican, said in a statement to Reuters. FILE PHOTO: An employee stands next to the logo of Ant Financial Services Group, Alibaba's financial affiliate, at its headquarters in Hangzhou, Zhejiang province, China January 24, 2018.
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