The Shanghai stock exchange has suspended Ant Group's A-share IPO on its STAR Market, which was initially set for Thursday, the Chinese exchange said on Tuesday.
Ant Group has recently reported to China's securities regulator about the significant changes in the regulatory environment, the exchange said, and this major development might make Ant Group fall short of listing requirements on information disclosure, the Shanghai stock exchange said in a statement.
Ant was set to go public in Hong Kong and Shanghai on Thursday after raising about $37 billion, including the greenshoe option of the domestic leg, in a record public sale of shares.
The Hong Kong stock exchange declined to comment on the Shanghai stock exchange's suspension on the Hong Kong leg of the Ant IPO. Ant did not immediately respond to a request for comment.
China's top financial regulators summoned Ant Group Co Ltd's founder Jack Ma and two top executives to a meeting on Monday during which they told the that the company's lucrative online lending business faces tighter government scrutiny, sources told Reuters.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.