Revolutionizing the digital financial technology, Ant group dealt with a crushing blow that set to became the world’s largest IPO listing with USD 37 billion facing suspension from China.
The Shanghai stock exchange said in a statement that it has suspended initial public offering (IPO) and to freeze the listing in Hong Kong too, which was due on Thursday.
Following the ‘supervisory interviews’ with Jack Ma, the stock exchange stated that there had been other ‘major issues’ including changes in ‘ the financial technology regulatory environment.’
Ant said in a statement that Hong Kong listing is also suspended because of ‘material matters relating to regulatory interview’ of Mr Jack and other officials. It has been a huge blow to retail investors. The Ant group has reported that investors will be refunded concerning IPO. It also apologized to investors for the delay in IPO in their statement.