Why did China cancel the ant IPO?

When China’s leader Xi Jinping late last year quashed Ant Group’s initial public offering, his motives appeared clear: He was worried that Ant was adding risk to the financial system, and furious at its founder, Jack Ma, for criticizing his signature campaign to strengthen financial oversight.

Why China stopped the ant group’s IPO Forbes?

Various concerns and provocations contributed to the cancellation of the Ant Group’s public offering – “the biggest IPO in history” – but the root cause is the perception of a dangerous accumulation of systemic financial risk spewing out from Ant’s business model.

Why did ANT Group IPO fail?

In an unprecedented move, the Shanghai stock exchange announced that it had suspended the IPO following the intervention of Chinese regulators, citing “significant issues such as the changes of the financial technology regulatory environment” and explaining that “these issues may result in the company not meeting the …

What happened to the ant IPO?

“Without risk, no innovation can happen in this world,” said Ma at a conference in Shanghai in late October 2020. The Monday after Ma’s comments, state regulators summoned him and other Alibaba executives to a closed door meeting in Beijing. The next day, Ant’s IPO was canceled.

Why did Jack Ma choose Alibaba?

The company’s name came from the character Ali Baba from the Middle Eastern folk-tale collection One Thousand and One Nights because of its universal appeal. As Jack Ma, one of the founders, replied to Lorraine Hahn on TalkAsia: One day I was in San Francisco in a coffee shop, and I was thinking Alibaba is a good name.

What happened Ant IPO?

Will Ant still IPO?

HONG KONG — It will “not be too long” before Ant Group is able to resume its suspended initial public offering, according a member of the Chinese financial technology group’s board of directors.

What happened ant IPO?