China stops Jack Ma’s $35 Billion Ant IPO from going ahead

China put the brakes on Ant Group Co.’s $35 billion share sale in Shanghai and Hong Kong, derailing the world’s biggest initial public offering.

The Shanghai stock exchange will suspend the listing after Ma was called in for “supervisory interviews” by related agencies, it said in a statement Tuesday. There was “significant change” in the regulatory environment and “such major issues could lead to your company not longer complying with requirements on listing or information disclosure,” the statement said.

The Hong Kong leg will also be suspended, Ant said in a filing shortly after the Shanghai announcement. The fintech company’s debut was expected for Thursday. Alibaba Group Holding Ltd., which owns about a third of a stake in Ant, fell 8% in premarket U.S. trading. Futures on Hong Kong’s Hang Seng index lost as much as 1.2%.