They suspend the IPO of a Jack Ma company, which would be “the biggest in history”

Had all been completed, as planned, the deal would have passed the IPO of Saudi Aramco, the state-owned oil company of Saudi Arabia.

The IPO of the Chinese fintech company Ant Group, owner of the Alipay payment service and subsidiary of the Chinese group Alibaba, has been suspended, as announced on November 3 in a press release.

Ant Group explained that on Tuesday it was notified by regulators in China that the company “may not comply with listing qualifications or disclosure requirements due to material matters relating to the regulatory interview of our final controller, our CEO and our executive director […] and recent changes in the regulatory environment for “Fintech” “.

For these reasons, the proposed Listing of shares in the Chinese STAR market and the simultaneous listing of H shares on the Hong Kong Stock Exchange They have been suspended, added by Ant Group. The company has indicated that it will return the funds raised for the IPO to investors as soon as possible.

The announcement came the day after representatives from the People’s Bank of China held a meeting with Alibaba founder Jack Ma and Ant Group top executives.

Ant Group should have re-launched 34,500 million dollars in its first and double listing, which would be equivalent to the largest public offering (IPO) or IPO in history.

“This is the first time that the price of such a large list, the largest in the history of mankind, has been determined outside of New York City (USA),” said Jack Ma on the eve.

If all went according to plan, the deal would have even passed the IPO of Saudi Aramco, the state oil company of Saudi Arabia, which was worth $ 29.4 billion. In that case, moreover, Ant Group would be valued at around $ 310 billion, which would exceed the size of US financial institutions such as JPMorgan Chase, Goldman Sachs and Wells Fargo.