Source: https://www.scmp.com/business/companies/article/3108309/shanghais-stock-market-operator-calls-halt-ant-groups-imminent

Chinaโ€™s stock market operator has pulled the rug from under the largest initial public offering in global finance, calling a halt on the November 5 dual listing of Ant Groupโ€™s shares in the cityโ€™s technology board less than 48 hours before the highly anticipated trading was due to start.

A meeting earlier this week between Ant Groupโ€™s senior executives and Chinaโ€™s top financial regulators constituted โ€œsignificant changeโ€ in the regulatory environment, which may lead to the fintech company not fulfilling the listing requirements or disclosure rules of the exchange, according to a statement by the Shanghai bourse operator.The Shanghai Stock Exchange has decided to temporarily postpone the listing of Ant Group, the market operator said.

Four Chinese regulatory bodies, led by the Peopleโ€™s Bank of China, held a meeting yesterday with the top executives of Ant, on the eve of the fintech company are due to make their trading debut in Shanghai and Hong Kong in the worldโ€™s biggest initial public offering.

The regulators met with Ant Groupโ€™s co-founder Jack Ma, executive chairman Eric Jing and chief executive Simon Hu, according to a statement by the securities regulator, without elaborating on the purpose or content of the meeting.

The meeting also included representatives from the China Banking and Insurance Regulatory Commission, the China Securities Regulatory Commission and the State Administration of Foreign Exchange (SAFE), the currency regulator.

โ€œOn November 2, 2020, Ma as controlling shareholder of Ant Group and Antโ€™s management team met with Chinese financial regulators,โ€ according to a statement from the Hangzhou-based fintech company. โ€œViews regarding the health and stability of the financial sector were exchanged. Ant Group is committed to implementing the meeting opinions in depth and continuing our course based on the principles of: stable innovation; embrace of regulation; service to the real economy; and win-win cooperation. We will continue to improve our capabilities to provide inclusive services and promote economic development to improve the lives of ordinary citizens.โ€