China’s Ant Group postpones IPO under regulatory pressure

China’s Ant Group on Tuesday suspended its record-breaking IPO in both Hong Kong and Shanghai as the fintech giant faces growing pressure from Chinese regulators over potential risks.

The firm’s Alipay platform has helped revolutionise commerce and personal finance in China, with consumers using the smartphone app to pay for everything from meals to groceries and travel tickets.

But Ant Group, which has more than 700 million monthly active users, has also caused concern in China’s state-controlled finance sector by venturing into personal and consumer lending, wealth management, and insurance.

Ant will suspend both legs of its $34 billion listings — originally set to take place this week — after being ordered by Chinese regulators to postpone its Shanghai offering over concerns it would not meet listing requirements, the company said in a filing Tuesday.