At dinner suspended the listing on its IPO of Ant Group, a digital payments company, which was scheduled for November 5th and that it should have been the richest stock market debut in history, in which Ant intended to sell 11 percent of its stock for $ 34.4 billion.
The Shanghai Stock Exchange said it had reported to Jack Ma, the Chinese billionaire who controls Ant Group and was the founder of Alibaba, “major problems,” including changes in the “financial technology regulatory environment,” that could have resulted in failure. compliance with listing requirements.
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For this reason, for the Chinese stock exchange it is possible that Ant Group “does not meet the conditions of issue and listing or the disclosure requirements” necessary for trading. So the stock exchange decided to “postpone the listing” of the company.
Jack Ma created Ant as a payment system for his e-commerce services: Ant was then called Alipay and was part of Alibaba. In 2011, however, Jack Ma decided to separate the two companies and since then Alibaba and Ant have had separate paths, even if they have maintained a preferential relationship. Ant today offers digital payment methods but also financial services such as credit systems and savings funds.
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