ANT Group's record breaking $34.5 billion IPO hits regulatory snag

Theasianbankersg06 Nov, 2020Finance

The Shanghai Stock Exchange announced the postponement on 5 November 2020 of the ANT Group's previous high of $34.5 billion on the Science and Technology Advancement Board of the Shanghai Stock Exchange or the STAR Market. Explaining its decision to ANT, the exchange said, "Recently, it has occurred that your company's actual controller (Jack Ma), chairman (Eric Jing), and general manager (Simon Hu) have been summoned together and questioned by the appropriate departments. The official statement referred to a significant incident that could lead the company to fail to comply with the criteria for issuing and listing conditions or disclosing records.