Just 48 hours before Ant Group’s biggest stock-market debut the world has ever seen, was foiled by China’s regulators. Ant Group that was hoping to raise at least $35 Billion through the listing, has put on hold its IPO listing in both Shanghai and Hong Kong.
Earlier in the week, Ant Group’s senior executives, including Jack Ma, met with four Chinese regulatory bodies, led by the People’s Bank of China. The authorities later announced that they had belatedly discovered an array of shortcomings that might require the Ant Group to be overhauled.
The unusual meeting comes close to the new set of rules drafted by regulators on China’s micro-lending market, a move that could curb the profits of the country’s fintech giants and stem the flow of funds to small businesses.
In its statement to the Hong Kong and the Shanghai Stock Exchange, the Ant Group said that the trading debut of the company would be postponed, and they would announce further details relating to the suspension and the refund of the application money as soon as possible.
Interested in staying informed on the latest IPOs?
Intellizence is an award-winning AI-powered business signal intelligence platform, that helps you to discover sales and risk signals in target companies as well as stay informed about emerging industry trends and regulatory changes.