Ant Group's $37 billion listing suspended as China slams on brakes
Source: Reuters
ASIAN MARKETS
NOVEMBER 3, 2020 7:45 AM UPDATED 35 MINUTES AGO
Ant Group's $37 billion listing suspended as China slams on brakes
By Julie Zhu, Meg Shen
4 MIN READ
HONG KONG (Reuters) - China suspended Ant Groups $37 billion stock market listing on Tuesday, thwarting the worlds largest IPO with just days to go, in a dramatic move that left investors and bankers scrambling for answers.
The Shanghai stock exchange first announced that it had suspended Ant's initial public offering on its STAR market, prompting Ant 6688.HK688688.SS to also freeze the Hong Kong leg of the dual listing, which was due on Thursday.
Ant said that its listing had been suspended by the Shanghai stock exchange following a meeting that its billionaire founder Jack Ma and top executives held with Chinese financial regulators.
The Chinese financial technology giant said it may not meet listing qualifications or disclosure requirements, and also cited recent changes in the fintech regulatory environment.
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Beijing has become more uncomfortable with banks heavily using micro-lenders or third-party technology platforms like Ant for underwriting consumer loans, amid fears of rising defaults and deteriorating asset quality in a pandemic-hit economy.
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https://www.reuters.com/article/us-ant-group-ipo/ant-groups-37-billion-listing-suspended-as-china-slams-on-brakes-idUSKBN27J1OS