Listing interrupted: China suspends Ant Group’s $37bn IPO

Beijing has become more uncomfortable with banks heavily using microlenders or third-party technology platforms like Ant for underwriting consumer loans, amid fears of rising defaults and deteriorating asset quality in a pandemic-hit economy. “The Communist Party has shown the tycoons who’s boss. Jack Ma might be the richest man in the world but that doesn’t mean a thing. This has gone from the deal of the century to the shock of the century,” said Francis Lun, CEO of GEO Securities.

https://www.aljazeera.com/economy/2020/11/3/listing-interrupted-ant-group-ipo-suspended-by-shanghai-exchangeBeijing has become more uncomfortable with banks heavily using microlenders or third-party technology platforms like Ant for underwriting consumer loans, amid fears of rising defaults and deteriorating asset quality in a pandemic-hit economy.

“The Communist Party has shown the tycoons who’s boss. Jack Ma might be the richest man in the world but that doesn’t mean a thing. This has gone from the deal of the century to the shock of the century,” said Francis Lun, CEO of GEO Securities.

Sign Up for NextBigWhat Newsletter

Daily.

You May Also Like

Flipkart Launches Native Android App

With the Flipkart Android app, you can access products you have already viewed even if you aren’t connected to the network. If you need to compare prices while shopping offline, you could do a quick barcode scan and see if Flipkart is selling it cheaper.