How Alibaba's Ant Group Proposes To Revive Its IPO?

State-backed firms will acquire a sizeable stake in an Alibaba Group Holding Ltd BABA backed Ant Group asset, the Reuters reports.
The shareholders will invest about 500 million yuan ($77.4 million) as registered capital. The move aims to relax the Chinese fintech giant's grip on a data treasure trove of over 1 billion users but help revive its IPO.
The partners plan to form a personal credit-scoring firm under China's regulatory bindings that blocked Ant's IPO and slapped a hefty fine on Alibaba.
Ant and Zhejiang Tourism Investment Group Co Ltd will each own 35% of the venture. The other partners include Hangzhou Finance and Investment Group and Zhejiang Electronic Port.
Transfar Zhilian's parent, Transfar Group, will be the only non-state investor with a 7% stake.
The proposed joint venture would collect, manage and analyze consumer data to score people's credit. Ant, via super-app Alipay, collect data of over 1 billion users.
It runs Zhima Credit, a private credit-scoring platform with proprietary algorithms to score people and small businesses based on their Ant-linked services.
Price Action: BABA shares traded higher by 0.92% at $168.53 in the premarket session on the last check Wednesday.