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Why Did Chinese Regulators Suspend Ant Group’s IPO?

Why Did Chinese Regulators Suspend Ant Group’s IPO?

Submitted by • November 6, 2020 transfin.in

It was going to be Ant Group’s day in the sun.

China’s answer to JPMorgan Chase, a coming of age for global fintech, and the world’s biggest IPO to boot.

In the end, Ant’s plan to go public via a $35bn IPO in Shanghai and Hong Kong was spoiled by Chinese regulators.

Less than two days before Ant’s stocks were supposed to begin trading (November 5th), the Shanghai Stock Exchange sent the company notices saying its listing may no longer meet “qualifications or disclosure requirements”.

Recent changes in the “fintech regulatory environment” were cited as reasons for suspension.

This not only suspends the much-awaited IPO but also throws Jack Ma's empire into chaos. And it sheds light on who really calls the shots in China Inc. - the Chinese state.

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