Sovereign wealth funds, private equity and asset managers have been left in limbo after investing $10.3bn into Ant International, a subsidiary of the group owned by Jack Ma, in a highly selective, offshore pre-IPO fundraising round in 2018.
Under an arrangement between Ant and its so-called international Class C investors, the cash was put into an offshore subsidiary that owns nothing. Aside from not having voting rights, there is little detail of the commercial terms of the agreement in Ant’s heavily redacted IPO prospectus.
The result is that investors in Ant International are “screwed”, said one lawyer with direct knowledge of the situation.
See the whole story on the FT here:
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