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Ant Group



Ant Group says founder Jack Ma will give up control. E-commerce billionaire Jack Ma will give up control of Ant Group, the leading Chinese financial technology provider he founded.




Shanghai’s market operator halts world’s largest IPO by pulling Ant Group’s listing, citing changes in regulatory environment
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Shanghai’s market operator halts world’s largest IPO by pulling Ant Group’s listing, citing changes in regulatory environment

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

China’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 Group’s shares in the city’s technology board less than 48 hours before the highly anticipated trading was due to start.

A meeting earlier this week between Ant Group’s senior executives and China’s top financial regulators constituted “significant change” 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 People’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 world’s biggest initial public offering.

The regulators met with Ant Group’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.

“On November 2, 2020, Ma as controlling shareholder of Ant Group and Ant’s management team met with Chinese financial regulators,” according to a statement from the Hangzhou-based fintech company. “Views 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.”




















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