Breaking News: China halts Ant Group’s giant IPO

By: Miguel A. Rodriguez

17:10, 03 November 2020

Regulatory issues led to postponing one of the most expected IPOs

Ant Group, alongside the Shanghai and Hong Kong stock exchanges announced earlier today that one of the most expected IPOs of this year would be suspended. The world’s biggest start-up company was gearing for a massive $34.5 billion IPO, the largest public listing ever.

According to the Shanghai Stock Exchange statement, Ant Group’s “actual controller, chairman, and general manager have been jointly interviewed by the relevant regulatory authorities.”Following the same statement, Ant Group “has also reported issues such as the changes in the financial technology regulatory environment.”

This is a developing story. Stay tuned for more details about the event!

Sources: cnbc.com, nytimes.com

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