China Suspends Jack Ma’s Ant Group Market Debut

The listing of Ant Group, runs onlines payment system “Alipay” in China, in Shanghai and Hong Kong markets has been suddenly suspended, said in a statement on Tuesday. 

 

The firm, backed by billionaire founder of Alibaba Jack Ma, is world record-setting initial public offering (IPO) with a record of $34.5 billion, breaking the largest debut of Saudi Aramco’s $29.4 billion float last December, and planed to list on Shanghai and Hong Kong Stock Exchange on coming November 5.

 

The statement of Shanghai market issued that Ant Group’s listing halt was due to “major issues” that might cause it “not to meet the listing conditions or disclosure requirements.”.

 

The IPO has also been suspended in Hong Kong Stock Exchange, according to a statement from Ant Group.

 

Soon after the announcement, the share price of Alibaba, holding a roughly 33% stake in Ant Group, dropped as much as 9% in the New York market.