Shanghai, China

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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 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.

 

Jack Ma, Eric Jing and Simon Hu Meeting with Chinese Regulators

Alibaba Founder Jack Ma

 

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

Ant Group, leading online financial services in China

 

  • 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

 

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