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Shanghai Stock Exchange announced on Tuesday evening the postponement of Ant Group’s listing on Nasdaq-style STAR Market, which was scheduled for Thursday.
As Ant reported, some major changes, including the joint talks the company had with regulators, the changes of regulation on the fintech industry, may result in a failure of meeting IPO standards or information disclosure requirements, therefore, SSE decided to postpone the listing of Ant, SSE said in the notice.
Screenshot of Shanghai Stock Exchange's announcement
The postponement came just one day after China's top financial regulators conducted a rare joint regulatory talk with Ant's co-founder Jack Ma, Chairman Eric Jing, and Chief Executive Simon Hu,on Monday.
The world's largest IPO faces regulatory risks since China is tightening regulation over online lenders. China's banking and insurance regulator on Monday posted draft rules on small loan lenders, putting limits on their operating areas, leverage and licenses.
Previously known as Ant Financial, the Hangzhou-based company was the fintech arm spun out of Alibaba Group. Ant is the parent company of China's largest mobile payments business Alipay, which has over 700 million monthly active users in the country.
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(Cover: The headquarters of Ant Group, Hangzhou, east China's Zhejiang Province. /CFP)
