Alibaba Affiliate Ant Financial Divests Entire Stake In 36KR Holdings

Jack Ma's Ant Group Co divested its entire stake in the tech news firm 36KR Holdings Inc KRKR, Bloomberg reports.
The Alibaba Group Holding Ltd BABA affiliate looked to comply with Chinese regulators by the move. Ant held an 18% stake in 36KR as of early 2021.
Also Read: DiDi Had To Postpone Its IPO After Jack Ma's Ant: Bloomberg, Alibaba Faces Another Setback As Ant's Major Investor Slashes Valuation: Reuters
Earlier in March, China's banking regulator sought rectification from Ant's end.
Its been over a year since China canceled Ant's $37 billion initial public offering citing regulatory concerns.
Beijing previously pressed Alibaba to divest assets in its media portfolio, including its significant stake in Weibo Corp WB and streaming platform Youku, to curb its influence over China's social media.
Beijing's overall rectification campaign for Ant and 13 other Chinese fintech platforms was not over yet.
Price Action: KRKR shares are trading lower by 2.10% at $0.55 premarket on the last check Tuesday.

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