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Shanghai Stock Exchange suspends Ant Group listing following contention with its billionaire owner

2 months 1 week 6 days ago Tuesday, November 03 2020 Nov 3, 2020 November 03, 2020 8:28 AM November 03, 2020 in News
Source: CNN
On Tuesday, Nov. 3 Ant Group's much anticipated IPO was abruptly suspended by the Shanghai Stock Exchange after a meeting between the company's billionaire co-founder Jack Ma and China regulators.

According to CNN, on Tuesday Ant Group's much anticipated IPO was abruptly suspended after a meeting between the company's billionaire co-founder Jack Ma and China regulators.

The Shanghai Stock Exchange said in a statement on Tuesday that it decided to postpone the company's listing, which was originally set for Thursday, due to "major issues" that may prevent it from meeting "the listing conditions or disclosure requirements."

CNN reports that the IPO has also been suspended in Hong Kong, according to a statement from Ant Group, which referenced the meeting between Ma and Chinese officials as well as "recent changes" in regulations. The dual listing was expected to raise $37 billion, which would have made it the biggest share sale in history by a wide margin.

This news comes after Chinese regulators summoned Ma for questioning on Monday. A little over a week ago, Ma publicly criticized Chinese regulators for hindering innovation.

Aditional ddetails relating to the suspension will be released "as soon as possible," Ant Group, an affiliate of Alibaba, said in its statement.

Alibaba shares listed in New York were down roughly 7% in premarket trading.

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