A Fourth Estate® Service

Friday, January 15, 2021

Shanghai Stock Exchange Suspends Ant Group’s Record $34.5 Billion IPO

The Shanghai Stock Exchange announced on Tuesday that it has suspended Ant Group’s $34.5 billion initial public offering due to glaring changes in the company’s regulatory environment, placing the fintech giant’s world record-setting IPO in jeopardy.

Ant Group’s $34.5 billion initial public offering (IPO) in Shanghai and Hong Kong has been suspended on Tuesday due to glaring changes in the company’s regulatory environment, placing the fintech giant’s world record-setting IPO in jeopardy.

In a statement, China Securities Regulatory Commission said that billionaire tycoon and Ant’s co-founder Jack Ma was summoned and interviewed by the country’s central bank, together with three other top financial regulators.

The fintech giant had been aiming to raise $34.5 billion through a joint listing on the Hong Kong and Shanghai stock exchanges. The trading is scheduled to begin on Thursday, Nov. 5.

However, the Shanghai Stock Exchange decided to suspend the company’s proposed offering due to being unable to meet conditions for listing.

“Recently, your company’s actual controller, chairman and general manager have been jointly summoned and interviewed by the relevant regulatory authorities,” the Shanghai Stock Exchange said, according to the translation of CNBC.

“Your company has also reported significant issues such as the changes in financial technology regulatory environment. These issues may result in your company not meeting the conditions for listing or meeting the information disclosure requirements.”

Ant also released a statement, saying that the listing of its Hong Kong shares would also face suspension.

An official filing with the Shanghai Stock Exchange is expected to be issued soon.

Article © 2020 Fourth Estate® — All rights reserved.
This material may not be published, broadcast, rewritten or redistributed.

Recent Articles

Dutch Government Resigns over Child Benefits Scandal

Dutch Prime Minister Mark Rutte announced the resignation of their government over the childcare benefit scandal.Dutch Prime Minister Mark Rutte announced the resignation of...

Nostrum Laboratories, Inc. Recalls Metformin HCl Extended Release Tablets due to Elevated Levels of NDMA

Nostrum Laboratories, Inc. recalled 2 (two) lots of Metformin HCl Extended Release Tablets, USP 500 mg to the consumer level due to elevated levels...

EU States Enforce Curfews to Curb COVID-19 Cases

Several EU states have been enforcing curfews in efforts to stem the spread of the coronavirus. Several EU states have been enforcing curfews in...

Spanish Power Firm Naturgy to Invest $1.8 Billion in U.S.

Naturgy is planning to invest about $1.8 billion in the United States as it focuses to expand its presence in the U.S. renewable market...

Cyber-attackers Bypassed Multi-Factor Authentication To Compromise Cloud Services Accounts

The US Cybersecurity and Infrastructure Security Agency (CISA) has warned that hackers have managed to bypass multi-factor authentication (MFA) protocols to breach cloud service...

Get the Daily NewsBrief in your inbox

Related Stories