Technet: Daily Crunch - China postpones Ant Group IPO

The big story: China postpones Ant Group IPO

The Shanghai stock exchange has postponed Ant Group’s IPO a day after Chinese regulators held a closed-door meeting with Jack Ma and other company executives. The company has also halted plans for its public listing in Hong Kong.

Ant Group, a financial technology giant that spun out of Alibaba, was previously on track to raise $34.5 billion in the world’s largest IPO. It’s not exactly clear why the offering was called off, but Alibaba’s founder Ma recently gave a speech criticizing China’s financial regulation.

“We are sincerely sorry for any inconvenience brought to investors,” the company said in a statement. “We will properly handle follow-up matters following compliance regulations of the two exchanges.”

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Image Credits: Ant Group

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