Alibaba shares plunge 9.6 per cent after Shanghai, Hong Kong suspends Ant Group IPO

Alibaba Group Holding Ltd.’s US-traded shares tumbled as much as 9.6% Tuesday after Ant Group Co. said its listings in both Shanghai and Hong Kong have been suspended.

Ant’s listing in Shanghai was halted amid changes in the regulatory environment, according to a statement, which didn’t provide further details. Its Hong Kong IPO has also been suspended, putting the brakes on the firm’s $35 billion share sale.

Alibaba owns about a third of the payments company, which was expected to begin trading on both exchanges on Nov 5. Its American depository receipts slumped the most intraday since March 16.

Other China companies that trade in the US also fell. JD.com Inc. dropped 5%, while Lufax Holding Ltd. slipped 11%. IQIYI Inc. declined 1.5% and LexinFintech Holdings Ltd. was down 13%.