China stuns market by halting Ant IPO at the eleventh hour

By Addison Gong, Jonathan Breen
05 Nov 2020

The Shanghai Stock Exchange stunned the market on Tuesday by halting Ant Group’s $34bn IPO, set to be the largest listing in history, just two days before the company’s planned stock market debut. The extraordinary move is expected to delay the listing by at least six months. It will also force investors to revalue the company, write Jonathan Breen and Addison Gong.

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 Holding.

The meeting, along with other recent changes in the regulatory environment ...

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