Today, the Chinese press reported that Ant Group has stopped taking deposits from clients, although existing balances are unaffected. At this stage, the story does not appear to have been officially confirmed. This follows the abrupt withdrawal of Ant’s IPO at the start of November, an IPO that would have been the world’s largest. It had planned to raise $34.4 billion at a market valuation of around $300 billion.
While Ant is best known for its Alipay payment app, payments are no longer the biggest earner and represent just 36% of revenues. The balance is made up of financial services offerings.
The deposit suspension may only be temporary as Ant is implementing various supervision requirements, including technology solutions.
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