China has suspended the $37 billion listing of Ant Group, which had been set to become the world’s largest IPO, reported the Financial Times.
China’s largest financial technology company was set to list on Thursday in Shanghai and Hong Kong in a record-breaking IPO that had attracted huge interest from institutions and smaller investors.
The Shanghai Stock Exchange said in a statement that founder Jack Ma, who also founded Alibaba, had been called in for “supervisory interviews”. There had been “other major issues”, including changes in “the financial technology regulatory environment”, the stock exchange said, reported the FT.
“This material event may cause your company to fail to meet the issuance and listing conditions or information disclosure requirements,” it added. “Our exchange has decided to postpone the listing of your company.”