Alibaba Tumbles as China Suspends Ant Group's IPO
The record-setting initial public offering (IPO) of Ant Group stock, which was scheduled to debut today on exchanges in Shanghai and Hong Kong, has been abruptly suspended. High-ranking executives of the digital finance company, which was set to be spun off from Alibaba Group (NYSE: BABA), have been called to appear before Chinese regulators. Those summoned included Ant Group's head Jack Ma, Executive Chairman Eric Jing, and CEO Simon Hu.
Ant Group's market debut was set to raise a record $37 billion, making it the world's largest public listing and valuing the company at around $310 billion. There's currently no word on when the IPO will resume. Ant Group released a statement saying further details regarding the suspension would be released "as soon as possible."
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Source Fool.com
