Connect with us

Hi, what are you looking for?


Ant Group IPO Suspended

One of the largest IPOs in the world has been forced to pause.

Last week, Chinese business magnate and former majority shareholder of Alibaba, Jack Ma, announced that his current pursuit, FinTech company Ant Group, would be launching its IPO in the very near future. This IPO would’ve been record-breaking in scale, with total profits projected at $34.5 billion after the company set its share prices. However, due to an intervention from China, it seems the drag chute has been pulled on this massive investment opportunity.

Late Monday evening, Jack Ma, along with Ant Group executive chairman Eric Jing and CEO Simon Hu, were summoned for a discussion with the China Securities Regulatory Commission. After this discussion, the Shanghai and Hong Kong stock exchanges both announced that due to some problems with Ant Group, the IPO would be indefinitely suspended.

According to the CSRC’s report, Ant Group has shown “significant issues such as the changes in financial technology regulatory environment,” according to a Mandarin-to-English translation by CNBC. “These issues may result in your company not meeting the conditions for listing or meeting the information disclosure requirements.”

No representatives from Ant Group have commented on the matter as of yet. However, a representative from Alibaba, which owns a controlling stake in Ant Group at 33%, said that they will be providing aid to Ant Group to ensure the IPO can go through in a timely fashion.

“We will be proactive in supporting Ant Group to adapt to and embrace the evolving regulatory framework,” the spokesperson said. “We have full confidence in Ant Group colleagues’ ability to do a good job. Society has high expectations for Alibaba. We will continue to work hard to not only meet but exceed expectations and fulfill our responsibility to society.”

You May Also Like


In the past year, Peloton, manufacturers of stationary exercise bicycles and treadmills, has been experiencing some severe financial difficulties. The company went through a...


While the ongoing supply chain problems affecting the global economy have had the expected effects, they’ve also had some decidedly unexpected effects. Specifically, many...


As gas prices continue to rise and consumer confidence drops, not to mention the ongoing war in Ukraine, the European economy is taking a...


As the environmental need for electric vehicles becomes more pressing, and the car-buying public becomes more eager for them, automotive manufacturers are getting ready...


This morning, Coinbase CEO Brian Armstrong sent a mass email out to his company informing everyone that, as stock and crypto prices slip and...


Last week, a former cybersecurity expert for Twitter, Peiter “Mudge” Zatko, released a whistleblower report on the social platform. In his report, Zatko cited...


Zelle is a peer-to-peer payment app and service that can be used by individuals to send and receive money, in a similar vein to...


Earlier this week, following the third-term victory of Chinese President Xi Jinping, market shares in Hong Kong experienced a sudden, violent sell-off. Xi’s controversial...