Ant Group's STAR Market listing suspended
Ant Group's listing which was scheduled for Thursday has been suspended, the Shanghai Stock Exchange said, citing that the fintech giant may not meet the STAR Market's listing requirements.
Ant Group has been notified by regulators on the Chinese mainland that it may not meet listing qualifications or disclosure requirements due to material matters relating to the regulatory interview of its controller Jack Ma and two senior executives, SSE said in a statement late Tuesday.
Recent changes in the fintech regulatory environment may also disqualify its listing requirements, it added.
The announcement came after top financial regulators summoned a rare joint regulatory talk with Ma, Ant’s co-founder, Chairman Eric Jing, and Chief Executive Simon Hu on Monday.
Ant Group said in a separate filing to the Hong Kong Stock Exchange that its concurrent proposed H Share listing will also be suspended.
The record-setting IPO was expected to raise 115 billion yuan (US$16.9 billion) without an overallotment option after setting its offer price at 68.8 yuan.
Ant Group, which changed its name from Ant Financial earlier this year to stress its technology focus, still faces uncertainty amid tighter rules over online micro lending.