Jack Ma-Backed Ant Weighs Exiting Personal Credit Firm Baihang [BNN Bloomberg (Canada)]
TENCENT HLDGS UNSP/ADR (TCEHY)
NASDAQ:AMEX Investor Relations:
tencent.com/en-us/investor.html
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Source: BNN Bloomberg
The company will need to offload its 8% holding because of policy guidance that entities can only hold one license in each business category, the person said, requesting not to be named because the matter is private. Ant didn't respond to an emailed request for comment. Ant also holds a 35% stake in Qiantang, which has applied to become the third firm with a license to conduct personal credit assessments. Central bank Governor Pan Gongsheng said in January that the People's Bank of China was working with the Zhejiang government to provide guidance on the application. Founded in 2018, Baihang was set up under the guidance of the central bank, with government-backed industry group National Internet Finance Association of China owning a 36% stake. Ant and Tencent Holdings Ltd. were among the other eight shareholders that each owned 8%. Caixin reported earlier that Ant was in discussions to sell its stake to Tencent. Tencent didn't immediately respond to an emailed query. Qia
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