Economic NewsEconomics

Shanghai Stock Exchange Postpones Ant IPO After BABA’s Ma Summoned By China Regulators

shanghai stock exchange postpones ant ipo after babas ma summoned by china regulators

Shanghai Stock Exchange Postpones Ant IPO After BABA’s Ma Summoned By China Regulators
Tyler Durden
Tue, 11/03/2020 – 08:14

The world’s largest IPO – Ant Group’s $35 billion dual-offering – is in peril as the Shanghai Stock Exchange has suspended the listing amid questions about regulatory compliance.

This decision follows reports that four Chinese regulators including the central bank and banking watchdog called billionaire Jack Ma and Ant Group Co.’s top executives to a rare joint supervisory interview on Monday, underscoring rising government scrutiny of the company before its stock-market debut.

Full SSE Statement (Google Translate):

Your company originally applied for listing on the Science and Technology Innovation Board of the Shanghai Stock Exchange (hereinafter referred to as the Exchange) on November 5, 2020. Recently, it happened that your company’s actual controller, chairman and general manager were jointly conducted supervisory interviews by relevant departments, and your company also reported changes in the financial technology regulatory environment and other major issues.

This major event may cause your company to fail to meet the issuance and listing conditions or information disclosure requirements. In accordance with Article 26 of the “Administrative Measures for the Registration and Administration of Initial Public Offerings on the Science and Technology Innovation Board (Trial)” and Article 60 of the “Shanghai Stock Exchange Review Rules for the Issuance and Listing of Stocks” and soliciting the opinions of sponsors, the Exchange has decided Your company has suspended its listing.

Your company and the sponsor shall make an announcement in accordance with the regulations, explaining the relevant circumstances of major issues and your company’s suspension of listing. The firm will maintain communication with your company and sponsors.

Alibaba shares are down almost 5% in the pre-market on the news…

And bear in mind that Ant was trading +50% in the gray market.

Developing…

Source : zerohedge.com

Visited 10 times

Leave a Reply

Your email address will not be published. Required fields are marked *