According to the Forbes billionaires ranking, Jack Ma’s fortune decreased by $ 2.6 billion – to 63.4 billion in a day. Despite this, according to Forbes, he is still the richest man in China. By the evening, his fortune still increased slightly by $ 1.6 billion – to 64.7 billion.
Alibaba founder’s fortune fell amid the suspension of the IPO of Ant Group, a subsidiary of Alibaba. She owns the Alipay payment service, which is used by over 1 billion people. The dual listing of the shares was scheduled for November 5 at the Shanghai Stock Exchange and Hong Kong.
The company could raise $ 34.4 billion – the largest IPO in history. The suspension of this event is due to the receipt of a notice from the PRC regulators, which stated that the company may not meet the listing or disclosure requirements.
By data Financial Times, the suspension of the IPO was also facilitated by significant questions that emerged after a conversation between representatives of regulators with top managers of the company and Jack Ma. Because of this, Alibaba shares fell 7.54% the next day.
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