{"id":5861,"date":"2020-11-03T14:29:12","date_gmt":"2020-11-03T14:29:12","guid":{"rendered":"https:\/\/newmoneyreview.com\/?p=5861"},"modified":"2020-11-09T11:46:36","modified_gmt":"2020-11-09T11:46:36","slug":"chinese-regulators-halt-worlds-biggest-ever-equity-listing","status":"publish","type":"post","link":"https:\/\/newmoneyreview.com\/index.php\/2020\/11\/03\/chinese-regulators-halt-worlds-biggest-ever-equity-listing\/","title":{"rendered":"Chinese regulators torpedo Ant Group listing"},"content":{"rendered":"

The Shanghai Stock Exchange (SSE) has intervened to halt the public sale of shares in Ant Group, China\u2019s financial technology giant, due to take place later this week.<\/p>\n

The share sale would have raised $35bn, making it the biggest initial public offering (IPO) in history and surpassing the record set by Saudi Aramco\u2019s $29.4bn float in December.<\/p>\n

This would have valued Ant at up to $320bn, making it the world\u2019s highest-valued financial technology (fintech) company.<\/p>\n

In a statement<\/a>, the Shanghai exchange said it had ruled that Ant may fail to meet its listing conditions or information disclosure requirements.<\/p>\n

The decision to halt the share sale came following recent supervisory interviews, the SSE said.<\/p>\n

In a statement to the Hong Kong stock exchange<\/a>, Ant said it was suspending its listing ‘due to material matters relating to a recent regulatory interview’ of its senior executives.<\/p>\n

It also cited \u2018recent changes in the fintech regulatory environment\u2019 as a reason for stopping the share sale.<\/p>\n

The announcement sent the shares of Alibaba Group, which owns a 33 per cent stake in Ant, down 6 percent in pre-market trading in New York.<\/p>\n

Bitcoin rose over 1 percent in US dollar terms on the news.<\/p>\n

Last week Alibaba\u2019s founder, Jack Ma, unleashed a full-frontal attack on the world\u2019s financial regulatory system<\/a>.<\/p>\n

Ma said the Basel standards, which set capital requirements for the world\u2019s banks, had been designed by \u2018a club of old people\u2019 and were inadequate for today\u2019s digital economy.<\/p>\n

Ma called for a new financial framework based on big data, cloud computing and blockchain technology.<\/p>\n

The decision by Chinese regulators to halt the Ant Group listing comes against the background of accelerating competition between the US and China over money<\/a>.<\/p>\n

While US tech giant Facebook has so far been thwarted in its payment plans,\u00a0Ant Group\u2019s payment arm, Alipay, has introduced mobile-based payments technology<\/a> for over 1bn users and is expanding its activities worldwide.<\/p>\n

Sign up here<\/a> for the monthly New Money Review newsletter<\/em><\/p>\n

Click here<\/a> for a full list of episodes of the New Money Review podcast: the future of money in 30 minutes<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The Shanghai Stock Exchange (SSE) has intervened to halt the public sale of shares in Ant Group, China\u2019s financial technology giant, due to take place later this week. 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