Ant sees IPO in 2 years; to spin off credit data in revamp

In a concession to aggressive regulators and in a bid to get its massive public share sale back on track, Ant Group Co, people with knowledge of the matter claim, plans to spin off its consumer-credit data operations.

Hiving off the treasure trove of data on more than 1 billion people is a key part of Ant’s business overhaul in response to a regulatory crackdown that resulted in the abrupt suspension of its $37 billion initial public offering (IPO), which would have been the world’s biggest.

The data spinoff, along with Ant’s conversion to a more strictly regulated financial holding company, will mean the affiliate of e-commerce behemoth Alibaba Group Holding Ltd could proceed with the IPO within two years, two other people said.

Ant’s restructuring plan, which PageOne reported on Wednesday, could ease billionaire founder Jack Ma’s regulatory woes.

The plans are not final and are subject to change, cautioned the people, who asked not to be named as they were not authorised to speak to the media.

Ant declined to comment.