The biggest stock market debut in history is in question. The Hong Kong and Shanghai stock markets have decided to stop the IPO of Ant Group, the unicorn backed by Jack Ma (Alibaba), accused of not presenting all the necessary information by the region's supervisors.
Specifically, the agencies signal Ant Group to make "changes" without notifying them properly in its initial IPO prospectus.
In addition, the Shanghai operator indicates that this Monday Ma himself met with the People's Bank of China and other regulatory entities, something that is considered a conflict of interest. Ant Group had planned to debut this Thursday raising some 14.6 billion euros.
Its IPO was to be simultaneous on both the Shanghai and Hong Kong stock, and is now suspended until further notice. It remains to be seen whether or not the company complies with the demands of the supervisors and makes the biggest stock market debut yet.
As a result, the shares of Alibaba Group, Ma's flagship company, they are yielding more than 9% in the pre-market opening.
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