And US President Donald Trump said at a press conference last August that he was “looking” whether to ban the Chinese technology giant Alibaba in the United States.
It is unclear when the US government agencies that decide which companies to add to the entity list and include the Departments of State, Defense, Energy and Trade, will review the matter.
The move comes weeks before the start of the US presidential election, as the Trump administration seeks to send a message to deter American investors from participating in the Ant Group’s initial public offering.
The value of the dual initial public offering in Shanghai and Hong Kong could reach $ 35 billion.
Although Ant Group had been planning to hold a public offering in Hong Kong this year, it was targeting a valuation of more than $ 200 billion, in an ambiguous deal, according to financial analysts.
Paper “national security”
Trump always exploits the “national security” card in his war with China, as it was stated in the US State Department’s report on the Chinese “Ant Group” ban, that it fears that the Chinese government may access sensitive bank data related to American users in the future, despite the fact that (Alipay) payment application is not currently available for US users.
The United States’ Commission on Foreign Investment (CFIUS) halted Ant Group’s $ 1.2 billion bid to buy Moneygram in 2018 due to national security risks.
The list of entities that make it difficult for U.S. companies to sell high-tech goods to blacklisted companies has become the Trump administration’s preferred tool for punishing Chinese companies.
Financial experts expect that the effect of adding Ant Group to the blacklist will be symbolic and will not prevent American investors from obtaining stakes in the company.
(Ant Group) is the dominant mobile payment company in China, providing loan, payments, insurance and asset management services through mobile applications.
The company is headquartered in Hangzhou, east China, and is 33% owned by the Alibaba Group, and controlled by Alibaba founder, Jack Ma.
The Chinese who have accounts in the Chinese currency – the Renminbi – use the Ant Group payment platform Alipay.
Most of its interactions take place in the United States with merchants who accept payment from Chinese travelers and companies in the country.
China International Capital, Citigroup, JPMorgan, Morgan Stanley and Goldman Sachs are sponsoring the company’s initial public offering in Hong Kong.
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