Today, the Shanghai Stock Exchange released a statement postponing the initial public offering of Ant Group Co. The restriction comes just a day after the company’s controlling seller, Jack Ma, was summoned by four regulatory agencies to attend a closed-door meeting.
The undercover meeting with regulators and changing the regulatory environment have reportedly disqualified the company from listing this Thursday, according to local media. The exchange reported that the recent developments are material events that the company failed to disclose properly to investors. Ant Co. is the world’s most valuable technology startup and is based in Hangzhou. The company was expected to raise $34.4 billion in concurrent IPOs in Hong Kong and Shanghai.
Read More: Ant IPO Postponed by Shanghai Stock Exchange
