IPO of Alibaba’s finance subsidiary Ant Group fails unexpectedly

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Beijing,Nov.3,2020 (dpa/Naija247news) The Initial Public Offering (IPO) of Chinese tech giant Alibaba’s subsidiary Ant Group was cancelled unexpectedly two days before its scheduled debut, the Shanghai stock exchange announced on Tuesday.

The financial service provider Ant Group, which also runs the popular mobile payment service Alipay, had planned a double debut at Shanghai’s and Hong Kong’s stock exchanges on Thursday, expected to be one of the biggest IPOs of all time.

The bidding was however, cancelled due to changes in the legal regulatory environment, the governing body of the Shanghai stock exchange said.

This means Ant Group might not be in compliance with the conditions and disclosure requirements for the IPO.

In an unusual move, Alibaba founder Jack Ma and other top executives were summoned by Chinese regulatory authorities on Monday, after Ma had given a public speech criticising regulators for stifling innovation.

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