Mega Setback

Ant Group’s mega IPO suspended after Jack Ma questioned

Ant's IPO, which would have been world’s largest ever, now seen unlikely to go ahead in the short-term although wider impact on sentiment won’t last long, says one analyst.

The $34.4 billion dual-listing plans for Ant Group’s shares have been suspended in a setback to the giant Chinese financial technology company, after founder Jack Ma and other senior executives were questioned by mainland Chinese regulators earlier this week.

The suspension was because of recent changes in the fintech regulatory environment, which raised the prospect that the company “may not meet listing qualifications or disclosure requirements” on the STAR market in China, one of the two venues where it was expected to list. Consequently, the listing was also suspended in Hong Kong. The IPO, had it progressed, would have been the world’s largest, eclipsing the nearly $30 billion that...

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