CNBC: Ant Group’s record $34.5bn IPO in Shanghai & Hong Kong suspended

CNBC reports:

– Ant Group’s world record-setting initial public offering (IPO) in Shanghai and Hong Kong has been suspended.

– The Shanghai and Hong Kong stock exchanges made the announcement on Tuesday.

– Ant Group’s controller Jack Ma, the executive chairman Eric Jing and CEO Simon Hu were summoned and interviewed by regulators in China.

– The Shanghai Stock Exchange said Ant Group reported “significant issues,” which means it may not meet the conditions for listing or “information disclosure requirements.”

Ant Group’s world record-setting initial public offering (IPO) in Shanghai and Hong Kong has been suspended.

The Shanghai and Hong Kong stock exchanges made the announcement on Tuesday. Alibaba, which owns a roughly 33% stake in Ant Group, saw its shares fall over 8% in pre-market trading.

Ant Group’s controller Jack Ma, the executive chairman Eric Jing and CEO Simon Hu were summoned and interviewed by regulators in China, according to a statement from the China Securities Regulatory Commission on Monday. In a statement on Tuesday, the Shanghai Stock Exchange referenced this meeting in explaining why it has suspended the IPO.

“Recently, your company’s actual controller, chairman and general manager have been jointly summoned and interviewed by the relevant regulatory authorities,” the stock exchange said, according to a CNBC translation of its Mandarin comments.

“Your company has also reported significant issues such as the changes in financial technology regulatory environment. These issues may result in your company not meeting the conditions for listing or meeting the information disclosure requirements.”

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