China’s state firms to take big stake in Ant’s credit-scoring joint venture

Employees are reflected on a glass panel while walking past a logo at the Ant Group Co. headquarters in Hangzhou, China, - File pic

HONG KONG: State-backed firms are set to take a sizeable stake in a key Ant Group asset for the first time, three people told Reuters, in a move that will loosen the Chinese fintech giant’s grip on a data treasure trove of over one billion users but help revive its initial public offering (IPO).

The partners plan to establish a personal credit-scoring firm, said the people, adding that such a firm and ownership structure was one aspect of restructuring ordered by regulators who put a stop to Ant’s IPO in November with just two days before its stock market debut.