£26.5bn market debut of Chinese e-finance giant Ant postponed

A view of the signage of Ant Group in the headquarters compound of the fintech giant in Hangzhou in eastern China’s Zhejiang province Monday, Oct. 26, 2020. Chinese regulators summoned Ant Group founder Jack Ma and two other senior executives to a meeting on Monday, Nov. 2, 2020, just days before the company’s shares are due to begin trading following a blockbuster offering expected to be the world’s largest.(Chinatopix Via AP)

The planned stock market debut of the world’s biggest online finance company, Ant Financial, has been suspended in Shanghai and Hong Kong, disrupting a record-setting 34.5 billion dollar (£26.5 billion) initial public offering that highlighted China’s recovery from the coronavirus pandemic.

Management of the Shanghai stock exchange cited regulatory changes in Ant’s industry and a possible failure to meet disclosure requirements, but offered no details. The Hong Kong exchange followed suit several minutes later.