Market debut of Jack Ma’s e-finance company Ant postponed

The planned stock market debut of the world’s biggest online finance company, Ant Financial was suspended in Shanghai and Hong Kong, disrupting a record-setting USD 34.5 billion initial public offering that highlighted China’s recovery from the coronavirus pandemic.

Management of the Shanghai stock exchange on Tuesday cited regulatory changes in Ant’s industry and a possible failure to meet disclosure requirements, but it offered no details. The Hong Kong exchange followed suit several minutes later.

The suspension comes after a Monday meeting between regulators and company executives, including Ant founder Jack Ma, China’s richest entrepreneur.