Trump administration shelves bid to blacklist China’s Ant Group: Report

The Trump administration has put on hold an effort to blacklist Ant Group Co Ltd , the Chinese financial technology company affiliated with e-commerce giant Alibaba, following a phone call between a company executive and a top US government official, four people familiar with the matter said.

Reuters reported last month that the U.S. State Department had submitted a proposal to add Ant Group to a trade blacklist in order to deter U.S. investors from taking part in its initial public offering, which was expected to rake in a record $37 billion before being postponed on Tuesday.