Shanghai halted Alibaba fintech arm’s IPO
Posted On November 5, 2020
The initial public offering (IPO) for Ant Group, the Alibaba’s fintech affiliate, was suspended by the Shanghai Stock Exchange one day before its official listing, which was supposed to be the greatest offering of all the time with a value of $34.5 billion. The sudden halt came with the de-risk initiative brought by the administrative regulators, which was said by Jack Ma to be ‘overly regulated’. The feud between ‘financial innovation’ bragged by fintech and a ‘safety convention’ concern from traditional banks has been going on for years and may continue by the look of it.