Ant Group 'looking in the mirror' in self-criticism mode

Business | 16 Dec 2020 12:53 pm

Ant Group Co Chairman Eric Jing has emerged contrite and apologetic from the collapse of the US$35 billion initial public offering, Bloomberg reports.

The company is “looking into the mirror, finding out our shortcomings, and conducting a body check-up,” Jing said in a speech at the 4th China Internet Finance Forum on Tuesday. Ant is striving to “properly manage” issues related to the suspension of the IPO, he said.

Jing’s remarks underscore a drastic shift in attitude from two months ago, when Ant co-founder Jack Ma Yun delivered his now-infamous rebuke against “pawn shop” Chinese lenders and regulators he said don’t understand the internet.

The world’s largest IPO unraveled following Ma’s speech, as regulators issued a slew of rules and proposals to rein in the country’s largest fintech company and the sprawling tech industry.

“We are listening carefully to public opinion, including those with suggestions and expectations for Ant, as well as various kinds of criticisms,” Jing said. “These are all beneficial to Ant, and we have accordingly been conducting a comprehensive self-review.”

Hangzhou-based Ant is sparing no effort in studying China’s 14th Five-Year Plan, an important government guidance, and policy insights into financial security and financial stability, Jing added.

Search Archive

Advanced Search
July 2021

Today's Standard