MARKET DEBUT OF CHINESE E-FINANCE GIANT ANT GROUP POSTPONED

The planned stock market debut of the world’s biggest online finance company, Ant Group, was suspended in Shanghai and Hong Kong, disrupting a record-setting $34.5 billion initial public offering that highlighted China’s recovery from the coronavirus pandemic.

- 

The Shanghai stock exchange cited regulatory changes in Ant’s industry and a possible failure to meet disclosure requirements but gave no details. Ant said later it would suspend its Hong Kong debut due to the Shanghai suspension. Shares were to have started trading on both exchanges.

The suspension followed a meeting between regulators and Ant executives including founder Jack Ma, China’s richest entrepreneur. Ma also founded Alibaba Group, the world’s biggest e-commerce company by sales volume, which spun off its Alipay payments service to create the company that became Ant Group.

“Views regarding the health and stability of the financial sector were exchanged,” Ant Group said in a prepared statement. The company said it was “committed to implementing the meeting opinions” but gave no details.

“We will continue to improve our capabilities to provide inclusive services and promote economic development to improve the lives of ordinary citizens,” the company said.