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Wednesday, November 04, 2020, 10:16
Ant Group's US$37b listing suspended in Shanghai and HK
By Reuters
Wednesday, November 04, 2020, 10:16 By Reuters

This photo taken on Oct 13, 2020 shows the Ant Group headquarters in Hangzhou, in China's eastern Zhejiang province. (PHOTO / AFP)

HONG KONG - Ant Group’s US$37 billion listing has been suspended in both Shanghai and the Hong Kong Special Administrative Region (HKSAR) two days before what was set to be the world’s largest-ever stock market debut.

The Shanghai stock exchange first announced that it had suspended Ant’s initial public offering on its STAR market, prompting Ant to also freeze the HKSAR leg of the dual listing.

Ant said that its listing had been suspended by Shanghai following a recent interview regulators held with its founder Jack Ma and top executives. It said it may not meet listing qualifications or disclosure requirements, and also cited recent changes in the fintech regulatory environment.

The Shanghai stock exchange first announced that it had suspended Ant’s initial public offering on its STAR market, prompting Ant to also freeze the HKSAR leg of the dual listing

ALSO READ: Fin or tech? China's Ant says it's a tech firm not a bank

Ant was set to go public in the HKSAR and Shanghai on Thursday after raising about US$37 billion, including the greenshoe option of the domestic leg, in a record public sale of shares.

READ MORE: Ant said to trade at 50% premium in HK gray market

Shares in Ant’s affiliate Alibaba Group fell about 8.6 percent in premarket trading after news of the Shanghai stock exchange suspension of Ant’s A-share IPO.


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