Alibaba's Stock Falls As Ant Group IPO Is Suspended In China

Less than 48 hours before what's expected to be the largest IPO in history, the Shanghai Stock Exchange has suspended the IPO of Ant Group, the financial company partially owned by Alibaba Group Holding BABA.

What Happened: The Shanghai Stock Exchange is temporarily postponing the IPO, according to the South China Morning Post.

Ant Group senior executives met with China’s top financial regulators earlier this week. Reports now say Ant Group may not fulfill the listing requirements or disclosure rules for the Chinese stock exchange.

Ant Group and Alibaba Founder Jack Ma met with four Chinese regulators, including the People’s Bank of China. Ant Group Executive Chairman Eric Jing and Chief Executive Simon Hu were also part of the meeting.

“On November 2, 2020, Ma as a controlling shareholder of Ant Group and Ant’s management team met with Chinese regulators,” reads a statement from Ant Group.

The company states it's “committed to implementing the meeting opinions in depth.”

Related Link: Jack Ma Says Ant Group’s IPO To Be The Largest In Human History

Why It’s Important: Ant Group is expected to become the world’s largest IPO, raising over $34 billion. The IPO is expected to value Ant Group at over $310 billion.

Alibaba Group will own over 31% of Ant Group after the IPO. Reports say the IPO is oversubscribed with bids exceeding the value of shares by 870x.

Shares of Alibaba Group are down 7% to $288.73 in pre-market trading Tuesday.

Posted In: Ant GroupEric JingJack MaPeople's Bank Of ChinaShanghai stock exchangeSimon HuSouth China Morning PostNewsIPOsTop Stories

Ad Disclosure: The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guaranty the accuracy or availability of any rates shown above. Institutions may have different rates on their own websites than those posted on The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.

All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own Web site where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.

Consumer Satisfaction: Bankrate attempts to verify the accuracy and availability of its Advertisers' terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the institution you choose, please click here.

Rate collection and criteria: Click here for more information on rate collection and criteria.