Business News

China Postponed ANT Group’s IPO after a Closed Door Talk with Jack Ma

  • Ant Group’s IPO is postponed by China
  • Both Shanghai and Hong Kong temporarily postponed the IPO of Ant Group
  • This led to a big loss for Alibaba

A day after the Chinese regulators had a talk with Jack Ma and other high-level executives in a closed-door meeting, The Shanghai Stock Exchange announced that the Ant Group’s big IPO or Initial Public Offering was Postponed. This happened because of the new fintech rules in China. This talk might be one of the reasons for the temporary cancellation of the Ant Group’s IPO in China. This might disqualify the company from listing on November 5.

There are some major changes in the Chinese Fintech Regulations because of which the Ant Group’s IPO is postponed. This has blown the minds of the investors for sure. After the Shanghai Market postponed the Initial Public Offering, Ant has stopped its IPO in Hong Kong. A statement was issued from the company, which is, “We are sincerely sorry for any inconvenience brought to investors, We will properly handle follow-up matters following compliance regulations of the two exchanges”.

In talks with the media, ANT Spokesperson said that the talks between the Chinese Regulators and High-Level Executive were about the health and the stability of the financial sectors. They said that the company will improve their capabilities to provide inclusive services and promote economic development to improve the lives of ordinary citizens.