The much anticipated listing of fintech giant Ant will now be suspended after a meeting with regulators.
Just 48 hours behind what would have been the world’s biggest initial public offering at $37 billion, Ant announced that it would suspend its planned dual listing in Shanghai and Hong Kong.
According to an exchange filing, the firm apologized to investors for «any inconvenience» over the «major event» without providing any substantial details.
Major Regulatory Meeting
The pullout follows a major meeting between Chinese regulators, Ant founder Jack Ma and its top executives, including chairman Eric Jing and chief executive Simon Hu.
On the regulators' side, there were four individuals from the China Securities Regulatory Commission and State Administration of Foreign Exchange, according to a statement. This follows very closely behind the regulatory approval reportedly obtained just a few weeks ago.
«Ant Group will implement the meeting opinions in-depth,» the company added, highlighting stable innovation, embracement of supervision and servicing of the real economy.
