Chinese President Xi Jinping decided to halt Ant's IPO - WSJ

(Reuters) - China's President Xi Jinping personally decided to pull the plug on Ant Group's $37-billion (£28 billion) initial public offering, the Wall Street Journal reported on Thursday, citing Chinese officials with the knowledge of the matter. The decision to stop what would have been the world's largest ever IPO, came days after the fintech giant's billionaire founder Jack Ma launched a public attack on the country's financial watchdogs and banks. President Xi ordered Chinese regulators to investigate and effectively shut down Ant's stock market flotation, the report said https://www.wsj.com/articles/china-president-xi-jinping-halted-jack-ma-ant-ipo-11605203556?mod=hp_lead_pos4.

Reuters November 13, 2020 02:06:00 IST
Chinese President Xi Jinping decided to halt Ant's IPO - WSJ

Chinese President Xi Jinping decided to halt Ants IPO  WSJ

(Reuters) - China's President Xi Jinping personally decided to pull the plug on Ant Group's $37-billion (£28 billion) initial public offering, the Wall Street Journal reported on Thursday, citing Chinese officials with the knowledge of the matter.

The decision to stop what would have been the world's largest ever IPO, came days after the fintech giant's billionaire founder Jack Ma launched a public attack on the country's financial watchdogs and banks.

President Xi ordered Chinese regulators to investigate and effectively shut down Ant's stock market flotation, the report said https://www.wsj.com/articles/china-president-xi-jinping-halted-jack-ma-ant-ipo-11605203556?mod=hp_lead_pos4.

Ant Group did not immediately respond to Reuters request for comment. The Information Office of the State Council, China's cabinet, could not be reached immediately for comment.

Ma had told a summit in Shanghai on Oct. 24 that the regulatory system was stifling innovation and must be reformed to fuel growth. Earlier this month, Reuters reported the speech set off a chain of events that torpedoed the listing of Ant.

Soon after Ma's scathing speech, state regulators started compiling reports including one on how Ant had used digital financial products like Huabei, a virtual credit card service, to encourage poor and young people to build up debt.

The general office of the State Council compiled a report on public sentiment about Ma's speech and submitted it to senior leaders including President Xi, Reuters had reported.

(Reporting by Niket Nishant in Bengaluru; Editing by Arun Koyyur)

This story has not been edited by Firstpost staff and is generated by auto-feed.

Updated Date:

TAGS:

Find latest and upcoming tech gadgets online on Tech2 Gadgets. Get technology news, gadgets reviews & ratings. Popular gadgets including laptop, tablet and mobile specifications, features, prices, comparison.

also read

U.S. job openings rise slightly in September
Business

U.S. job openings rise slightly in September

WASHINGTON (Reuters) - U.S. job openings increased moderately in September and layoffs appeared to abate, pointing to a gradual labor market recovery from the COVID-19 pandemic.

Central bankers seek new role in brave new world
Business

Central bankers seek new role in brave new world

By Balazs Koranyi and Francesco Canepa FRANKFURT (Reuters) - Taking a break from fighting the coronavirus crisis, the world's top central bankers will attempt to resolve the existential questions of their profession this week as they tune into the European Central Bank's annual policy symposium. Having struggled to lift anaemic inflation for years, officials including the heads of the ECB, the U.S. Federal Reserve and the Bank of England will attempt to figure out why monetary policy is not working as it used to and what new role they must play in a changed world - be it fighting inequality or climate change.

Asian stocks extend gains as vaccine hopes support global reopening
Business

Asian stocks extend gains as vaccine hopes support global reopening

By Lawrence Delevingne BOSTON (Reuters) - Asian shares rose on Wednesday as hopes for a successful coronavirus vaccine lifted expectations of a swift reopening of the global economy, which would help the region's heavily trade-dependent markets.