What does Ant's frozen IPO mean?

Nov 09, 2020 Alibaba Group

 

On the evening of November 3, the Shanghai Stock Exchange issued a notice stating that as the actual controller, chairman and general manager of Ant Group had recently been jointly summoned by regulators for a supervisory meeting, the listing process of Ant Group would be suspended in accordance with the relevant provisions of the STAR Market. An hour later, the Hong Kong Stock Exchange issued a statement to suspend the listing of Ant Group.

A day earlier, on November 2, the China Securities Regulatory Commission disclosed that the People's Bank of China, China Banking Regulatory Commission, China Securities Regulatory Commission, and State Administration of Foreign Exchange had Jack Ma, Chairman Jing Xiandong, and President Hu Xiaoming conducted a supervisory interview.

On November 2, The People's Bank of China (PBoC) and the China Banking and Insurance Regulatory Commission issued "Interim Measures for the Administration of Online Small Loans (Draft for Comment)" for public comments. (hereinafter referred to as the draft opinions), which provides detailed regulations on the cross-provincial services of network small loans, small credit lines, and the proportion of funding for joint loans to small and medium-sized lending companies. Industry analysts think that some details of the draft will have a direct impact on the specific credit business of Ant Group.

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