China pulls plug on Ant Group IPO

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By Addison Gong, Jonathan Breen
04 Nov 2020

The Shanghai bourse stunned the market on Tuesday after halting Ant Group’s $34bn IPO, a deal which was set to be the largest listing in history. The extraordinary move, likely spurred by comments from Ant’s co-founder Jack Ma that criticised authorities for stifling innovation in China, is expected to delay the listing by at least six months. It will also force investors to revalue the company.

The Shanghai Stock Exchange’s decision to suspend the Star listing came after four of China’s top financial regulators held talks with Ant’s three senior executives, including its controlling shareholder Jack Ma, on Monday. Ma also co-founded Alibaba Group.

The meeting, as well as other recent changes ...

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