Order

Token

Worldcoin

Chia

Ant Group, backed by billionaire Jack Ma, is reportedly planning a strategic restructuring to streamline its Chinese financial business in preparation for a potential initial public offering (IPO) in Hong Kong. 
According to anonymous sources cited by Bloomberg, the company intends to divest non-core operations, including blockchain and database management, from its main entity. 
Once this restructuring is completed, Ant Group will apply for a financial holding license in China. 
The move comes after the Chinese government intervened in Ant Group’s ambitious IPO plans in 2020, which sought to raise $30 billion and achieve a valuation of $226 billion. 
At that time, the IPO was set to be the largest in history, surpassing records set by previous offerings like the Saudi Aramco IPO, which raised $29.4 billion. 
With the restructuring and financial license application, Ant Group aims to navigate potential regulatory hurdles and pursue a Hong Kong IPO, rather than the previously intended dual listing in Shanghai and Hong Kong. 
However, it’s worth noting that the plans are not yet finalized and could be subject to changes, as stated in the report by Bloomberg. 
In a separate development, Japanese blockchain firm Earlyworks has announced the pricing for its IPO on the Nasdaq Capital Market. 
Earlyworks focuses on grid ledger systems (GLS) and plans to offer 1.2 million American Depository Shares at $5 each. 
The funds raised from the offering will be allocated to research and development for GLS and its System Development Kit (SDK). 
Additionally, Earlyworks aims to onboard new talent, strengthen internal governance systems, and invest in other blockchain businesses. 
The company’s GLS is a hybrid blockchain that integrates database technology for high-speed processing, with the goal of providing a general-purpose SDK for engineers and leveraging the technology in various industries. 
READ MORE: <a href="https://www.cryptointelligence.co.uk/worldcoin-sparks-controversy-as-it-launches-ecosystem-token/" rel="noopener noreferrer nofollow">Worldcoin Sparks Controversy As It Launches Ecosystem Token</a> 
Furthermore, other blockchain-related companies are also exploring IPO opportunities. 
Chia Network, a layer-1 blockchain provider, has filed a proposal for an IPO with the United States Securities and Exchange Commission (SEC). 
The offering’s price range has not yet been determined, but the IPO is expected to proceed once the SEC completes its review process. 
Similarly, Bitcoin Depot, a major crypto ATM provider in the United States, recently announced its intention to go public on Nasdaq through a merger with fintech firm GSR II Meteora. 
Upon its debut on the charts, the company’s stocks experienced an impressive rise of nearly 12%. 
As the landscape of blockchain and cryptocurrency continues to evolve, companies in the sector are exploring various avenues to raise capital and expand their operations, with IPOs representing a significant option for growth and investment. 
Other Stories: 
<a href="https://www.cryptointelligence.co.uk/crypto-lending-firm-faces-service-disruption-as-assets-seized-by-regulator/" rel="noopener noreferrer nofollow">Crypto Lending Firm Faces Service Disruption as Assets Seized by Regulator</a> 
<a href="https://www.cryptointelligence.co.uk/former-ftx-ceo-accepts-gag-order-amidst-trial/" rel="noopener noreferrer nofollow">Former FTX CEO Accepts Gag Order Amidst Trial</a> 
<a href="https://www.cryptointelligence.co.uk/ripple-ceo-brad-garlinghouse-criticizes-secs-regulation-by-enforcement/" rel="noopener noreferrer nofollow">Ripple CEO Brad Garlinghouse Criticizes SEC’s ‘Regulation by Enforcement’</a>

Ant Group Plans Restructuring for Potential Hong Kong IPO, Earlyworks Sets Nasdaq Pricing for Blockchain IPO

Crypto Intelligence

Other articles published on Jul 27, 2023

Bitcoin (BTC) Price Analysis for July 27

Lock Breach Confirmed on This Altcoin, Exchange Contract Terminated!

BlackRock partners with Jio Financial Services to tap into India’s digital assets market

Bitcoin (BTC) Faces Uncertain Future as Traders Brace for Potential Downside

Ripple Case Appeal Rumors: What’s Gensler Saying Now?

US SEC chair says crypto riddled with fraud and non-compliance

Join our free newsletter for daily crypto updates!