Thread by @BiIndia

#JackMa’s $34 billion #AntGroup IPO listing has been suspended by the #ShanghaiStockExchange

businessinsider.in/business/news/…

By @SanchDash

A huge blow for #AntGroup and #JackMa as his $34 billion IPO has hit a hurdle with the Shanghai Stock Exchange suspending its listing. Ant was set to begin trading on Hong Kong exchanges on November 5.

“Recently, it happened that your company’s actual controller, chairman and general manager were jointly conducted supervisory interviews by relevant departments, and your company also reported on major issues such as changes in the financial technology regulatory environment..."

...This major event may cause your company to fail to meet the issuance and listing conditions or information disclosure requirements,” said the Shanghai Stock Exchange.

On Monday (November 3), Ma and Ant’s senior executives had been summoned by the Chinese regulators.

“Views regarding the health and stability of the financial sector were exchanged,” the New York Times quoted the Ant Group’s statement. The company also said that it is “committed to implementing the meeting opinions in depth.”

Shares listed on the Shanghai exchange were set to be priced at 68.8 yuan ($10.27). The Chinese fintech giant’s listing was set to be the biggest ever overshadowing Saudi Aramco ($29.4 billion) and its own sister company Alibaba ($25 billion).