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Doris Yu · · 1 min readAnt seeks to appease staff frustration over halted IPO
“Facing discontent among employees, Ant Group‘s leader said the Chinese financial technology giant would eventually go public and that the company would look for ways to help workers monetize some of their shares,” the Wall Street Journal reported.
Details:
- Responding to an employee via a post on Ant’s internal website, executive chairman Eric Jing said the company is working on a “short-term liquidity solution” for employees that’s expected to take effect in April.
- Ant will buy back some of its shares from employees through the program.
Context:
- Many of Ant’s over 16,000 staff had been granted share-based compensation and expected to gain a windfall from the company’s blockbuster IPO.
- However, Ant’s Shanghai listing was suspended due to regulatory issues and its Hong Kong listing was subsequently shelved. Both were supposed to take place in November 2020.
Editing by Miguel Cordon and Eileen C. Ang
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