When international investors such as General Atlantic and the Carlyle Group invested in Chinese fintech firm Ant Group in 2018, they likely hoped for a big payoff given its dominance in facilitating payments for both Chinese brick-and-mortar merchants and e-commerce sites such as Alibaba. Those hopes were dashed in 2020, when Chinese authorities abruptly canceled Ant’s initial public offering, which would have valued it at more than $300 billion.
Now Ant’s restructuring will deprive those international investors of exposure to one of its fastest-growing businesses: OceanBase, a database management system. Ant is planning to spin off OceanBase as a separate company and subsequently buy out foreign investors’ shares of it, according to three people with direct knowledge of the plan.
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