What is the Ant Group, and why is their IPO suspended?

Posted by freemexy on January 6th, 2021

The scheduled initial public offering (IPO) of Ant Group on Thursday has been delayed for now, after its plans of listing on the Shanghai and Hong Kong’s stock exchanges were thwarted by authorities. The company had hoped to raise up to billion from the market, in an IPO that would have been the world’s largest, beating the last year’s .4 billion listing of Saudi Aramco.To get more ant group ipo news, you can visit shine news official website.
The listing was suspended after the regulators had a meeting with Ant Group founder Jack Ma and other top executives of the company.
What is the Ant Group?
In 2004, Ma’s Alibaba Group, which owned China’s largest online retail platform Alibaba, started to build out a super fast payments platform, which it said would enable its users to make payments easily.
The third-party digital payment app, named Alipay, however, surpassed all expectations and gained millions of users in a very short time. The app now has close to more than a billion users, according to reports, with over 730 million of them active on a monthly basis. In order to capitalise on the various offerings of Alipay, Ma spun off the app and brought it under a company called Ant Financial. The company was later re-christened as Ant Group.
Over time, Alipay, Ant Group’s number one offering had, apart from being an payment facilitator for Alibaba users, also ventured into personal retail lending, wealth management and insurance. The Ant Group thus, even though founded by Ma, is different from the Alibaba Group.