The New Paper

November 4, 2020

Ant group IPO postponed amid potential regulatory changes

The highly anticipated IPO of Chinese financial technology company Ant Group was postponed yesterday. The decision was made after discussions between regulators and company executives that revealed potential changes to the regulatory environment in China that may disqualify the firm from listing publicly. Additional details have not yet been provided.

More context: Ant Group is a former Alibaba subsidiary that operates a wide range of financial and technology products including Alipay, a payments platform with over 1.3B users worldwide.

Extra: The IPO was set to raise $35% in the offering, which would have presented the largest amount of capital ever raised in an IPO (outpacing the $29B raised by oil giant Saudi Aramco last year).

This story is from the November 4, 2020 edition of The New Paper – a clear, concise daily briefing that makes fact-first news easy to consume. Try it today.