The planned listing of Alibaba’s Ant Group, billed as the largest ever IPO, was abruptly halted early last month by Beijing authorities, causing a public outcry. More than a month later, Jing Xiandong, the group’s chairman, finally broke his silence yesterday, saying that the group was “looking in the mirror and finding shortcomings in accordance with the requirements of the regulatory authorities”.
“For more than a month, under the guidance of regulations, we have done our best to deal with the aftermath of the delayed listing,” Ant Group Chairman Jing Xiandong said at the 4th China Internet Finance Forum in 2020 yesterday, according to several mainland media reports.
Recently, he said, ant group is studying the recommendations of the 14th five-year Plan and a series of relevant financial policies of the Central Committee of the Communist Party of China (CPC) to “look in the mirror and find shortcomings” in the regulatory requirements and further implement the regulatory requirements.
The sudden halt to Ant’s listing was widely believed to have been triggered by Mr Ma’s speech at the Bund Financial Summit in Shanghai on October 24th. At the time, he criticised the authorities for “regulating” the financial sector too much and said China’s financial sector must get rid of its “pawnshop mentality” and not manage the future the way it did yesterday. Now Jing Xiandong’s position is obviously a world of difference from it.
Previously, it was reported that there were multiple factors behind the authorities’ killing of Ma, such as the power of Jiang’s shareholders behind Ant Group, which made Xi Jinping a thorn in his side; Xi jinping believes that capital and the growing influence of large private enterprises will threaten his rule. There are also sources, Ma Privately scold Xi Jinping is a “beast” was informed against, causing trouble.
The suspension of Ant group’s listing has been followed by a series of regulatory measures aimed at Alibaba and other Internet technology giants, and alibaba’s shares have tumbled.
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