Apparently, Ant Group, doesn’t meet the necessary conditions for going public just yet, shocking the financial markets.
Ant Group’s much-hyped IPO will have to wait until it hits the markets. According to a statement released on Tuesday, November 3rd, the company faces some issues regarding its financial technology regulatory environment. Until these issues are fixed Ant Group is unable to meet the conditions required for listing on stock exchanges.
As a direct result, the Shanghai Stock Exchange decided to suspend the company’s listing on the Science and Technology Innovation Board, also known as the STAR Market - China’s tech-oriented big index. Following this announcement, Ant Group decided to cancel its listing of the Hong Kong shares as well.
The world’s biggest start-up company was getting ready to raise $34.5 billion in what was advertised as the largest public listing ever.
Stay tuned to ClickTrades.com for more updates on Ant Group’s IPO!
Source: bloomberg.com, cnbc.com.
This information prepared by ClickTrades.com is not an offer or a solicitation for the purpose of purchase or sale of any financial products referred to herein or to enter into any legal relations, nor an advice or a recommendation with respect to such financial products.
This information is prepared for general circulation. It does not have regard to the specific investment objectives, financial situation or the particular needs of any recipient.
You should independently evaluate each financial product and consider the suitability of such a financial product, by taking into account your specific investment objectives, financial situation or particular needs, and by consulting an independent financial adviser as needed, before dealing in any financial products mentioned in this document.
This information may not be published, circulated, reproduced or distributed in whole or in part to any other person without the Company’s prior written consent.
Past performance is not always indicative of likely or future performance. Any views or opinions presented are solely those of the author and do not necessarily represent those of ClickTrades.com.
Previous Article
Apple’s fourth fiscal quarter figures beat estimates
Next Article
JP Morgan – the first American bank to hold a majority stake in a Chinese firm
