Shanghai And Hong Kong Stock Exchanges Suspend Jack Ma Led Ant Group’s $37 Billion Record Listing

In a setback for Chinese billionaire Jack Ma, his Ant Group's $37 billion initial public offering has fallen apart merely days before the listing was scheduled to take place on the bourses in Shanghai and Hong Kong, reports Livemint.

What was set to be the world's largest-ever stock market debut by any company, it now stands derailed.

Shanghai Stock Exchange was the first to announce that it had suspended Ant's IPO listing on its STAR market. It reasoned that the company had failed to meet listing qualifications or disclosure requirements, and also cited recent changes in the fintech regulatory environment.

It should be noted that the giant bust for Ma led Ant Group comes just days after Ma had called Chinese financial regulations outdated and termed them badly suited to companies trying to use technology to drive financial innovation.

Ant Group operates Alipay, the world’s largest and most valuable financial technology company.