China’s Ant Group’s executive chairman said in an internal message that the Group is working on measures to help staff with “short-term liquidity problems.”
The listing of the affiliate of Chinese e-commerce giant Alibaba Group Holding last November would have made some of the company’s employees millionaires or billionaires.
Eric Jing told Ant employees last week that the company would review its staff incentive programmes and roll out some measures starting from April to help solve their financial problems.
Some Ant employees recently expressed frustration on social media for not being able to sell the company shares they own after Chinese regulators abruptly halted Ant’s dual-listing, which was set to be the world’s largest, in November.
Jing made the comments in response to employee questions about Ant’s future on the company’s internal website, said the people, who declined to be named as they were not authorized to speak to the media.
The company’s share buyback programme for employees has been halted since July last year due to the planned initial public offering, one of the people said, which would have given them an opportunity to monetize their holdings.
Ant is currently working on plans to shift to a financial holding company structure following intense regulatory pressure and to rein in some of its operations and subject them to rules and capital requirements similar to those for banks.