Ant Financial Services Group. Photo: Shutterstock.com Ant Group's IPO Suspension a Reminder of Beijing's Grip on Business
The last-minute intervention by Beijing came after Ant Group's founder Jack Ma criticized China's financial regulators.
November 06, 2020 at 02:26 PM
4 minute read
Chinese fintech giant Ant Group was all set to celebrate the biggest initial public offering the world had ever seen. Then, just two days before the scheduled record-breaking $37 billion dual-listing in Hong Kong and Shanghai, Chinese regulators pulled the plug.
Based in Hangzhou, Ant Group operates one of China's most popular mobile financial apps— Alipay. It is also a close affiliate of Chinese e-commerce giant, Alibaba Group.
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