Jofie Yordan · · 1 min readAlipay removed from Shanghai priority high-tech firms list
China’s payment giant Alipay is no longer on a priority high-tech company list in Shanghai, Bloomberg reported.
The company, owned by Alibaba’s Ant Group, was removed because it didn’t meet R&D spending requirements, according to a notice from the Chinese government.
As a result, the fintech giant may not receive certain tax benefits.
In a statement from Alipay, it said that it only accounts for a part of Ant Group’s R&D spending. Last year, over US$2.6 billion was allocated by Ant Group for research.
It was previously reported that Ant Group might return to its IPO plans after buying a plot of land in Shanghai with Chinese conglomerate Fosun. The property will be used to accommodate thousands of Ant Group’s employees.
See also: Ant Group may see IPO comeback after Shanghai land purchase
Editing by Miguel Cordon and Lorenzo Kyle Subido
(And yes, we’re serious about ethics and transparency. More information here.)
Stay updated on the go with our mobile app.
Get latest insights with smoother, more personalized experience through TIA mobile app.
