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Ant Group's world record IPO suspended

The financial technology group's listing has been suspended in Shanghai and Hong Kong
Ant Group's world record IPO suspended
  • Shanghai Stock Exchange postponed Ant Group’s $37bn (£28.3bn) IPO two days before it was scheduled to go live
  • A reminder to investors that Chinese companies are on a tight leash 

The Shanghai Stock Exchange (SSE) has postponed Ant Group’s $37bn public offering, just a day after Chinese regulators summoned founder Jack Ma and other Ant executives for an interview. The financial technology company was on track to list on 5 November on the Shanghai and Hong Kong bourses in what would have been the world’s biggest IPO. 

The eleventh-hour decision to derail the listing is a reminder of the power of Chinese authorities in the private sector. Indeed, the SSE cited the fact that Mr Ma had been called for “supervisory interviews”, as well as flagging “major issues” such as  “changes in the financial technology regulatory environment.” Shares in parent ecommerce group Alibaba (US:BABA)  were down 8 per cent in New York trading on the day of the announcement. 

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