Breaking: Ant listing on full hold after Jack Ma’s interview

Chinese e-commerce giant Alibaba, which owns Ant Group, was scheduled to list its shares (A+H shares) in Shanghai and Hong Kong simultaneously on May 5, but the Shanghai Stock Exchange (SSE) issued a new statement this evening (3) to suspend the decision to list Ant Technology Group Co. on the board of the Science and Technology Board after three key figures, including de facto controller Jack Ma, chairman Jing Xiandong and president Hu Xiaoming, were interviewed by China’s four major regulators in a rare meeting on Monday.

Meanwhile, Ant’s H-share in Hong Kong, listing on the main board of the Stock Exchange of Hong Kong Limited, will also be suspended. Ant Group announced that it would announce further details regarding the suspension of the H-share listing and the refund of the application fee as soon as possible.

Ant Group’s original five-day IPO (initial public offering) was expected to raise at least 34.5 billion U.S. dollars (about 1 trillion Taiwan dollars), will be the world’s largest IPO, listed at a valuation of about 315 billion U.S. dollars, more than JPMorgan Chase market value, but Jack Ma’s wealth increased to 71.6 billion U.S. dollars, more than the heir to Wal-Mart.

The SSE said in a statement Tuesday evening that the decision to suspend the listing of Ant Technology Group Co. on the Kotex board was made because Ant Group may not meet the conditions for issuance and listing or information disclosure requirements.

The SSE’s announcement (…) reads. […]

“Ant Technology Group, Inc.

Your Company originally applied to be listed on the Shanghai Stock Exchange (hereinafter referred to as the Exchange) on November 5, 2020 on the CRE Board. Recently, your company’s actual controller, chairman and general manager have been jointly interviewed by the relevant authorities, and your company has also reported significant changes in the financial technology regulatory environment in which it operates. This may result in your company not meeting the conditions for listing or information disclosure requirements. In accordance with Article 26 of the Administrative Measures for the Registration of Initial Public Offering of Shares on the KIC Board (for Trial Implementation) and Article 60 of the Rules for the Examination and Approval of Stock Issuance and Listing on the Shanghai Stock Exchange, and in consultation with the Sponsor, the Firm has decided to suspend your Company’s listing. Your company and the sponsor shall make an announcement in accordance with the regulations, explaining the material circumstances and the suspension of your company’s listing. The Exchange will maintain communication with your company and the sponsor.

Shanghai Stock Exchange, November 3, 2020″