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    Innovation Village | Technology, Product Reviews, Business
    You are at:Home»Ecommerce»Ant Group’s $34bn IPO has been suspended
    Ant Financial Group

    Ant Group’s $34bn IPO has been suspended

    2
    By Staff Writer on November 4, 2020 Ecommerce, Fintech

    Ant Group’s expected Initial Public Offer (IPO) has been suspended. The company was planning on a dual listing in Shanghai and Hong Kong on Thursday, 5th November 2020.

    It would have been the largest initial public offering on record surpassing the $29.4 billion that Saudi Arabia’s state-run oil company, Saudi Aramco, raised when it went public last year. The listing would have valued Ant Group at over $313 billion

    A statement was issued by Eric Xiandong, the company’s Executive Chairman on Tuesday 3rd November 2020

    “Ant Group Co., Ltd. (the “Company”) announces that it was notified by the relevant regulators in the PRC today that its proposed A Share listing on the STAR Market is suspended as the Company may not meet listing qualifications or disclosure requirements due to material matters relating to the regulatory interview of our ultimate controller, our executive chairman and our chief executive officer by the relevant regulators and the recent changes in the Fintech regulatory environment. Consequently, the concurrent proposed H Share listing on the Main Board of The Stock Exchange of Hong Kong Limited shall also be suspended.”

    “Further details relating to the suspension of the H Share listing and the refund of the application monies will be made as soon as possible.”

    Before this announcement by Ant Group, the Chinese financial regulators held a meeting with Jack Ma and his top executives, telling them that Ant’s online lending business would face tighter scrutiny

    This followed a meeting with China’s financial regulators on Monday during which Ma and his top executives were told that Ant’s lucrative online lending business would face tighter scrutiny and be subject to restrictions on capital and leverage similar to banks.

    The next day, the Shanghai Stock Exchange issued a statement and referred to that meeting in explaining why it has suspended the IPO.

    Shares of Ant’s parent group, Alibaba , plunged nearly 10% on Tuesday

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    2 Comments

    1. Pingback: Ant Group, Tencent Supports China's Central Bank Digital Yuan Roll-out Initiative | Innovation Village | Technology, Product Reviews, Business

    2. Pingback: Ant Group gets approval for no-controller status, ending Jack Ma’s reign before seeking IPO - Innovation Village | Technology, Product Reviews, Business

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