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Ant Group denies official under investigation bought shares

written by Bella Palmer
ant-group

The company said that the rumours about a certain person taking shares in the company is false, not to mention the sudden share buying or refunds

Ant Group on August 22 refuted online rumours that a senior Hangzhou government official currently under disciplinary investigation had bought shares in the company during its initial public offering (IPO). Ant group is the financial arm of Chinese e-commerce giant Alibaba.

Ant Group had strictly followed laws and regulations of both markets in the previous IPO process, which is open and transparent. The rumours about a certain person taking shares in the company is false, not to mention the sudden share buying or refunds, the company said in a statement released on its official WeChat account.

Ant Group also affirmed it had never cooperated with the law firms or lawyers mentioned in the rumours.

News emerged on the evening of August 21 that Zhou Jiangyong, secretary of the Hangzhou Municipal Party Committee is now under a disciplinary review and supervision investigation, conducted by China’s Central Commission for Discipline Inspection and the State Supervision Commission over alleged disciplinary and legal violations.

An article was published by a personal social media account over the weekend, saying that in November 2020, the listing plan of a fintech company in Zhejiang province was abruptly stopped. Prior to the IPO, Zhou’s family had apparently bought stocks in the firm. At present, this article has been deleted by the publisher.

The website of China’s Central Commission for Discipline Inspection and the State Supervision Commission published an article on Monday, saying that in order to further optimize compatible and clean relations between government and business, Hangzhou’s Commission for Discipline Inspection and Supervision Commission took the feedback from the central inspection as the breakthrough point to deal with problems affecting the relations.

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