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 (NASDAQ: KRKR), Bloomberg reports.
The Alibaba Group Holding Ltd (NYSE: 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 (NASDAQ: 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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