China is investigating how Ant Group founder Jack Ma Yun got speedy approvals for the company’s stock listing last year, the Wall Street Journal reported on Tuesday, citing people with knowledge of the matter, Reuters said
The central-government investigation, which started early this year, focuses on “regulators who greenlighted the initial public offering, local officials who advocated it and big state firms that stood to gain from it,” according to the report.
Ma’s relationships with these “state stalwarts” are also being examined as part of the investigation, the report said.
China has already imposed a sweeping restructuring on Ant Group, the fintech conglomerate whose record US$37 billion IPO was derailed by regulators in November, underscoring Beijing’s determination to rein in its internet giants.
Ant Group, the payment affiliate of Alibaba Group Holding Ltd, did not immediately respond to a Reuters request for comment.