The Chinese government suspended Ant Group’s $37 billion listing on Wednesday afternoon, thwarting the largest stock market debut in the world with just days to go in a significant blow to the financial technology company founded by Jack Ma.
The Chinese government suspended Ant Group’s $37 billion listing on Wednesday afternoon, thwarting the largest stock market debut in the world with just days to go in a significant blow to the financial technology company founded by Jack Ma.
The SHANGHAI stock exchange said in a statement that it had suspended the company’s initial public offering on its tech-focused STAR Market, prompting Ant Group to also freeze the Hong Kong leg of its dual listing.
Analysts in China interpreted the move as a slap from the Chinese government against Ma, who had wanted Ant Group to be treated as a technology firm rather than a highly regulated financial institution.
“The Communist Party has shown the tycoons who’s boss. Jack Ma might be the richest man in the world but that doesn’t mean a thing. This has gone from the deal of the century to the shock of the century,” CEO of GEO Securities Francis Lun told CNN Business.
