Alipay, the mobile and online payments service operated by Alibaba Group Holding affiliate Ant Group, has been removed from Shanghai’s high tech company list, in a potential setback for Ant as it continues to undergo a state-directed rectification and restructuring process ahead of reviving an initial public offering, reports the South China Morning Post.
Alipay.com, a major corporate entity of Ant Group, failed to appear in the Shanghai government’s latest batch of qualified companies on the high tech company list, which means it could lose some tax benefits.
The Shanghai government published the first batch of qualified companies for its new high tech list in August, with a second batch in September. The third, fourth and fifth batch are still under review and the window for applying for the sixth batch closes on October 10, according to local government information.