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U.S. should try to delay IPO of China's Ant Group, Senator Rubio says

FILE PHOTO: Employee stands next to the logo of Ant Financial Services Group at its headquarters in Hangzhou, China
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By Alexandra Alper
WASHINGTON (Reuters) - Senator Marco Rubio, who has successfully urged the Trump administration to pursue investigations of Chinese companies, called on Friday for the U.S. government to consider options to delay an initial public offering of China's Ant Group, the fintech arm of Chinese e-commerce giant Alibaba <9988.HK>.
"It's outrageous that Wall Street is rewarding the Chinese Communist Party's blatant crackdown on Hong Kong's freedom and autonomy by orchestrating Ant Group's IPO on the Hong Kong and Shanghai stock exchanges," Rubio, a Republican, said in a statement to Reuters.
"The Administration should take a serious look at the options available to delay Ant Group's IPO," he added.

The Hong Kong leg of the IPO, part of a dual listing in Shanghai and Hong Kong, is being sponsored by China International Capital Corp <3908.HK>, Citigroup <C.N>, JPMorgan <JPM.N> and Morgan Stanley <MS.N>. Credit Suisse <CSGN.S> is working as a joint global coordinator. Goldman Sachs <GS.N> is also involved.
Ant declined to comment on Rubio's remarks, but said its business was primarily in China and it is excited about growth prospects there.
It was not immediately clear how the U.S. government could postpone the listing of a Chinese company abroad. But Rubio's remarks are a sign of growing pressure among China hardliners in Congress, within the administration and elsewhere, for President Donald Trump to sanction Ant before it lists later this month.
Some fear the offering, worth up to $30 billion, could expose scores of U.S. investors to fraud. Others fear it could give the Chinese government access to sensitive banking data belonging to U.S. citizens.
"These digital payment systems are the source of well-founded national security concerns, and the Trump administration should move to protect American users’ sensitive financial data as quickly as possible," Republican Representative Jim Banks said in a statement when asked whether the administration should impose sanctions on the company.


Ant is China’s dominant mobile payments company, offering loans, payments, insurance and asset management services via mobile apps. Based in the eastern Chinese city of Hangzhou, Ant is 33% owned by Alibaba Group Holding Ltd and controlled by Alibaba founder Jack Ma.

Ant's Alipay payment platform, like Tencent's WeChat's platform, is used primarily by Chinese citizens with accounts in renminbi. Most of its U.S. interactions are with merchants accepting payment from Chinese travelers and businesses in the country.

An anti-China advocacy group known as the Committee on the Present Danger: China, whose membership includes hedge fund manager Kyle Bass and former Trump strategist Steve Bannon, penned a letter to Trump last month calling for the company to be added to a trade black list and the IPO to be delayed.

"We believe that the IPO should, at a minimum, be delayed to ensure that...disclosures are faithfully done and properly evaluated as, regrettably, a sizeable portion of the IPO proceeds will almost surely end up in the investment portfolios of millions of retail American investors," the group said in the letter, dated Sept. 14.

The company could become the latest victim of a years-long technology battle between Beijing and Washington that saw the Trump administration lash out at such Chinese companies as telecoms giant Huawei and surveillance camera maker Hikvision over everything from intellectual property theft, to breaches of sanctions and human rights abuses.

Rubio was the first to publicly call for a probe into popular Chinese-owned social media app TikTok by a powerful national security committee, which did review it. The Trump administration ultimately banned the app, but a court-imposed injunction pending review has kept the ban from going into effect.



(Reporting by Alexandra Alper; Editing by Sonya Hepinstall and Leslie Adler)

U.S. should try to delay IPO of China's Ant Group, Senator Rubio says

Senator Marco Rubio, who has successfully urged the Trump administration to pursue investigations of Chinese companies, called on Friday for the U.S. government to consider options to delay an initial public offering of China's Ant Group, the fintech arm of Chinese e-commerce giant Alibaba...

www.yahoo.com

 

[I S I]

U.S is behaving like a pathetic loser under trump nose.

 

[TruthSeeker]

Any bumps in the road the USA can put before the Chinese Communist Party should be done, ASAP. Every Chinese company doing business in the USA should be considered as an agent of the CCP. Turn about is fair play.

 

[hualushui]

Every successful Chinese company is a threat to America
Anti-intellectual Rubio believes the U.S. has the ability to prevent Chinese companies from IPOs in Hong Kong

 

[cgy]

Any bumps in the road the USA can put before the Chinese Communist Party should be done, ASAP. Every Chinese company doing business in the USA should be considered as an agent of the CCP. Turn about is fair play.

Every time the United States breaks trade rules, it will cause the panic and flight of investors and manufacturing capital. The trade deficit of the United States will increase, the annual fiscal deficit will increase, and it will be more difficult for ordinary Americans to find a job.

Guess what happens when you're completely out of debt? What happened in Greece is only a few years ago. I hope the elderly in your country will not die of disease and hunger because of the bankruptcy of the country.

Oh no, I forgot that the covid-19 basically has achieved these goals.

 

[ARMalik]

The whole world is being blackmailed by the US ONLY because of the US Dollar. When will China, Russia and other big countries realize that they need to dump US dollar ASAP, and free the World of these evil clutches.

 

[gangsta_rap]

Any bumps in the road the USA can put before the Chinese Communist Party should be done, ASAP. Every Chinese company doing business in the USA should be considered as an agent of the CCP. Turn about is fair play.

this is japanese internment 2.0 but this time its starting up before a hot war is even visible on the horizon.

what is wrong with crackers...

 

[Zsari]

Any bumps in the road the USA can put before the Chinese Communist Party should be done, ASAP. Every Chinese company doing business in the USA should be considered as an agent of the CCP. Turn about is fair play.

Capital knows no border. Trying to hamper Chinese company in the capital market will only harm US economy in the end, as capital moves elsewhere.