Inside the chaotic unraveling of Jack Ma s US$35 billion Ant IPO
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The mid-level bureaucrats left Chinaâs richest man waiting as they prepared for a meeting that would send shockwaves across the financial world.
It was Monday morning in Beijing, and Jack Ma had been summoned to the China Securities Regulatory Commission just days before he was set to take Ant Group Co. public in the biggest stock-market debut of all time.
When the regulatory officials finally entered the room where Ma was waiting, they skipped over pleasantries and delivered an ominous message: Antâs days of relaxed government oversight and minimal capital requirements were over. The meeting ended without a discussion of Antâs IPO, but it was a sign that things might not go as planned.
Alibaba to be probed for antitrust charges
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China s financial watchdogs to conduct regulatory talks with Ant Group
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China opens anti-monopoly investigation into e-commerce giant Alibaba 1 minute read
(Update 1: adds closing share price in par 3)
Beijing, Dec 24 (efe-epa).- China’s top market watchdog announced Thursday that it has opened an anti-monopoly investigation into e-commerce giant Alibaba.
The “suspected monopolistic conduct” includes trying to make wholesalers choose a single platform between two competitors, the State Administration for Market Regulation said in a brief statement.
The news had an effect on the company’s shares on the Hong Kong Stock Exchange, plunging 8.13 percent for Christmas closing.
State news outlet People’s Daily said in an article Thursday that the investigation “is an important measure to strengthen anti-monopoly oversight in the internet sphere.”