Ant Group $300 Billion Record IPO Suspended in both Shanghai and Hong Kong Exchange
4th November 2020 | Hong Kong
Ant Group planned IPO that will raise $34.5 billion and create a Chinese financial technology giant with more than $300 billion market capitalization, has been suspended by both Shanghai and Hong Kong Exchange (Hong Kong Exchanges and Clearing ~ HKEX) on Tuesday (3/11/20).
” Chinese Regulator Suspends Ant Group IPO “
The IPO will have taken place on Thursday (5/11/20), and China regulators have reported Ant Group have failed in major issues including meeting listing conditions and information disclosure requirement.
Hong Kong Exchanges and Clearing (HKEX) is referred as Hong Kong Exchange or HKEX in this article
Jack Ma, Eric Jing and Simon Hu Meeting with Chinese Regulators
On Monday, 2nd November 2020, Ant Group Chairman Jack Ma (Founder of Alibaba), Executive Chairman, Eric Jing and Chief Executive Simon Hu had met with 4 financial regulators to provide report on major issues. The China Securities Regulatory Commission have also released a statement for this meeting. View: Statement
On Tuesday (3/11/20), China regulators announced the suspension reporting Ant Group have failed in major issues including meeting listing conditions and information disclosure requirement.
Fast Facts – Ant Group IPO
- Record IPO of $34.5 billion raised
- Create a company with more than $300 billion market capitalization
- Dual-Listing on Shanghai* & Hong Kong Exchange
- Retail demand for IPO neared $3 trillion in China
- Alibaba owns 33% of Ant Group
* Shanghai STAR Market (Science and Technology Innovation Board), China’s version of NASDAQ
Trending from Major Financial News:
- Bloomberg: China Halts Ant Group’s IPO, Throwing Ma Empire Into Turmoil
- Bloomberg: Bankers Reel as Ant IPO Collapse Threatens $400 Million Payday
- Bloomberg: Jack Ma’s Blunt Words Just Cost Him $35 Billion
- Bloomberg: Here’s Everything You Need to Know About Ant’s Pulled IPO
- China Daily: Ant Group’s IPO Suspended
- Yicai: Shanghai Bourse Suspends Ant’s Expected Record IPO due to Changing Environment
- Caixin: Ant’s $34.5 Billion IPO Suspended in Shanghai and Hong Kong
- Reuters: China’s halt of Ant IPO ‘necessary, reasonable’ to curb risks: state media
- Reuters: Explainer: Ant juggernaut jackknifes on $37 billion road to market
- CNBC: Ant Group’s record $34.5 billion IPO in Shanghai and Hong Kong is suspended
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