Business • Markets
2020-11-03T16:30:02+00:00

Ant Group's record IPO suspended in Shanghai and Hong Kong stock exchanges

Ant Group's record IPO suspended in Shanghai and Hong Kong stock exchanges
Ant Group logo Credit: Ant Group

Ant Group’s record-breaking dual IPO has been halted. The decision comes after Ant executives—including Alibaba founder Jack Ma, who controls the fintech giant—were summoned to a meeting yesterday with Chinese regulators.

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

Ant Group, the parent company of Alipay—the world’s largest digital payments platform—said last month it planned to raise more than $34 billion for the IPO, which would have made it the biggest market debut in history.

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