In an apparent move to show billionaire tech-giant Jack Ma who’s boss, Beijing officials have suspended Ant Group’s recent initial public offering, which was set to be the largest of its kind in the history of IPO’s.
Just days prior to the launch of trading in Hong Kong and Shanghai on Tuesday, regulators in China pulled the plug, shocking financial markets worldwide. Ma’s firm was positioned to raise $37 billion from the share sales – which would have made financial trading history.
Shanghai’s stock exchange issued a statement citing “major issues” as the cause of the postponement, further saying the company may not be in compliance with disclosure requirements and listing criteria. The announcement came just one day after Ma and other Ant Group executives were called to a meeting with Chinese Officials and the central bank of China.
There is no word yet if Jack Ma and Ant Group will be permitted to resume the IPO. The unparalleled interference serves as a precaution for other wealthy entrepreneurs in China, where the Communist Government keeps a watchful eye through its stringent regulatory commission.
Ann Sullivan is a contributing staff writer covering national and world news topics. She brings dedicated experience having written international and domestic news, blogs, and web content for over 20 years. She’s also a published poet and graphic designer with degrees in Business and Graphic Communications and has been a music distributor, music industry sponsorship sales director and band manager.