Alibaba-affiliated fintech group Ant has sold the entirety of its stake in 36Kr, a Chinese tech news portal, reports the South China Morning Post. Registered in a filing with the US Securities and Exchange Commission, the move marks the companies most recent restructuring amid a toughening regulatory environment.
Ant invested in tech news platform 36Kr in 2015 and held a 15.1% stake in the company, 36Kr’s filing shows. On Friday, shares of 36Kr closed at $0.64, down over 90% since it went public on Nasdaq in November 2019.
The divestment in 36Kr is the latest move in the fintech group’s efforts to streamline its investment portfolio, as part of a major restructuring in the wake of the cancellation of its mega IPO in Hong Kong and Shanghai in late 2020 amid regulatory uncertainties.
You must log in to post a comment.