Alibaba Group

Business • Markets
China pushes Alibaba founder Jack Ma to break up his fintech empire
Jack Ma
Jack Ma Credit: JD Lasica (Creative Commons Attribution ShareAlike 2.0)

Chinese regulators want Jack Ma's Ant Group to go back to its digital payment roots, stating Ant's corporate governance was "not sound". The Ant Group started as Alipay, which became China’s largest digital payment platform, though it eventually expanded to offer investment and savings accounts and lending, insurance and wealth management services.

The latest salvo in Beijing's battle against Ma - who had been feted as China's greatest modern-day entrepreneur until he started speaking out against strict regulations - wiped 8% off the value of Alibaba's share price in Hong Kong trading on Monday.

In November, Chinese regulators blocked Ant’s $37 billion IPO just two days before dealing was due to begin in Shanghai and Hong Kong.

Business • Markets
Ant Group's record IPO suspended in Shanghai and Hong Kong stock exchanges
Ant Group logo
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.