Senator Rubio says US should try to delay China’s Ant Group IPO

WASHINGTON (Reuters) – Senator Marco Rubio, who urged the Trump administration to step up its investigation into Chinese companies, on Friday called on the US government to consider options to delay China’s Ant Group’s initial public offering, which is China’s ultimate brick-commerce giant.

Senator Marco Rubio (R-FL) to Secretary of State Mike Pompeo during the Senate Foreign Relations Committee hearing on the State Department’s 2021 budget on July 30, 2020, in Washington, D.C., at the Dirksen Senate Office Fee Building in Washington, D.C. Asks a question. Greg Nash / Pool by Reuters / Files

Republican Rubio said, “It’s outrageous that the street is avenging the Chinese Communist Party’s deadly crackdown on Hong Kong’s independence and independence.”

He added, “The administration should seriously consider the options available for delaying the IPO of Anti Group.”

As part of the dual list in Shanghai and Hong Kong, the IPO of Hong Kong is sponsored by China International Capital Corp, Citigroup, JPMorgan and Morgan Stanley. Credit Suisse operates as a joint global coordinator. Goldm Sachs is also included.

Ante declined to comment on Rubio’s remarks, but said his business was primarily in China and that he was excited by the growth prospects there.

It was not immediately clear how the US government could suspend the list of Chinese companies abroad. But Rubio’s remarks are a sign of growing pressure among Chinese fundamentalists within the congressional administration and elsewhere in the Chinese Congress to allow Ant before President Donald Trump is listed later this month.

Some fear that the offer, valued at up to 30 30 billion, could deceive many US investors. Others fear it could give the Chinese government access to sensitive banking data of US citizens.

“These digital payment systems are a source of well-established national security concern, and the Trump administration should move to protect the sensitive financial data of American users as soon as possible,” Republican Jim Banks said in a statement. Said what the administration should do is impose sanctions on the company.

Ant is a dominant mobile payment company in China, providing loan, repayment, insurance and asset management services through mobile applications. Located in the eastern Chinese city of Hangzhou, Ant owns 33% of Alibaba Group Holdings Limited and is controlled by Alibaba founder Jack Ma.

Antony Elipay payment platforms, such as Tencent’s WeChat platform, are mainly used by Chinese nationals with accounts in Reminbi. Most of its interaction with the US is with merchants who accept payments from Chinese tourists and businesses in the country.

The anti-China advocacy group, now known as the Risk Committee: China, whose membership includes hedge fund manager Kyle Bass and Trump’s former strategist Steve Bennon, wrote a letter to Trump last month urging the company to join Trade Black. List and IPO to be delayed.

“We believe that IPOs, at a minimum, should be delayed to make sure … the public is trusted and properly evaluated, because unfortunately, a large portion of the IPO’s revenue will almost certainly end up in the investment segment of millions of retail Americans Investors, ”the group said in a letter on Sept. 14.

The company could be the latest victim of a years-long technological battle between Beijing and Washington and Washington, with Chinese companies such as the telecom giant Huawei and surveillance camera maker Hikwizan on everything from intellectual property theft to breaches of sanctions by the Trump administration. Human rights violations.

Rubio was the first to publicly apply for an investigation into a popular Chinese-owned social media application ticket into a powerful national security committee, which reviewed it. The Trump administration eventually banned the application, but the rest of the review of the restraining order imposed by the court has prevented the ban from being implemented.

Reported by Alexandra Alper; Edited by Sonia Hapinstall and Leslie Adler