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Miguel Cordon · · 1 min readUS officials propose adding Ant Group to a trade blacklist, sources say
Presently, it remains unclear when the proposal will be reviewed, according to the report.
The move comes as members of the Trump administration look to discourage potential American investors from taking part in Ant’s planned dual IPO listing on Shanghai and Hong Kong exchanges. Ant is expected to rake in a record US$35 billion through these listings.
According to the report, Trump officials are concerned that the government of China may acquire access to the banking data of US citizens. The Alipay app – Ant Group’s payment platform that acts as the only third-party agency for retail investors looking to invest in the IPO – is however not currently available for American users in the US.
Just last week, it was reported that senior US officials have been mulling restrictions on Jack Ma’s Ant Group and Chinese internet powerhouse Tencent over national security concerns. Ant said it was not aware of any such discussions as it remains focused on “growth prospects in the China market.”
Editing by Collin Furtado and Jaclyn Teng
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