Chinese President Xi Jinping decided to halt Ant’s IPO: Report

China’s President Xi Jinping personally decided to pull the plug on Ant Group’s $37-billion (£28 billion) initial public offering, the Wall Street Journal reported on Thursday, citing Chinese officials with the knowledge of the matter.

The decision to stop what would have been the world’s largest ever IPO, came days after the fintech giant’s billionaire founder Jack Ma launched a public attack on the country’s financial watchdogs and banks.

President Xi ordered Chinese regulators to investigate and effectively shut down Ant’s stock market flotation, the report said.

Ant Group did not immediately respond to Reuters request for comment. The Information Office of the State Council, China’s cabinet, could not be reached immediately for comment.