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China Stops Jack Ma’s $35 Billion Ant IPO From Going Ahead

Fast Company | Christopher Zara | Nov 3, 2020

jack 300x198 - China Stops Jack Ma's $35 Billion Ant IPO From Going Ahead Ant Group’s record-breaking dual IPO has been halted.

The extraordinary move comes after Ant executives—along with Alibaba founder Jack Ma, who controls the fintech giant—were summoned to a meeting yesterday with Chinese regulators.

See: A $7 Credit Limit: Jack Ma’s Ant Lures Hundreds of Millions of Borrowers

While the IPO had initially been given the all clear, regulators have since determined that Ant Group may no longer qualify for a listing due to “information disclosure requirements” that it failed to meet, CNBC reports.

The company was due to start trading this week on Shanghai’s tech-oriented STAR Market along with a separate listing on the Hong Kong Stock Exchange. The latter listing has also been suspended.

It’s unclear if the regulatory issues can be worked out or what exactly triggered the suspension.

 

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