Sources Contact Advanced Search Tutorials

An Interest In:

Web News this Week

Search Archive

Some of Our Sources

View All Sources

Help Webnuz

Referal links:

November 3, 2020 10:40 pm

China Halts Ant Group's Blockbuster IPO

In a late-evening announcement that stunned China, the Shanghai Stock Exchange slammed the brakes on Ant's initial public offering, which was set to be the biggest stock debut in history with investors on multiple continents and at least $34 billion in proceeds. The New York Times reports: The stock exchange's notice to Ant said that the company's proposed offering might no longer meet the requirements for listing after Chinese regulators had summoned company executives, including Jack Ma, the co-founder of the e-commerce titan Alibaba and Ant's controlling shareholder, for a meeting on Monday. Neither the regulators nor Ant has said in detail what was discussed at the meeting. But the timing of the conversation, mere days before Ant's shares were expected to begin trading concurrently in Shanghai and Hong Kong, suggested discord with the company or with Mr. Ma, who spun Ant out of Alibaba in 2011. Though he is not part of Ant's management, Mr. Ma has been a spirited champion for the company's mission of bringing financial services to small businesses and others in China who he says have been ill served by stodgy, government-run institutions. Shortly after the Shanghai exchange's announcement, Ant said it was suspending the Hong Kong leg of its listing as well. The company apologized to investors "for any inconvenience." "We will keep in close communications with the Shanghai Stock Exchange and relevant regulators," the company said, "and wait for their further notice with respect to further developments of our offering and listing process."

Slashdot

Slashdot was originally created in September of 1997 by Rob "CmdrTaco" Malda. Today it is owned by Geeknet, Inc..

More About this Source Visit Slashdot