The dual listing in Shanghai and Hong Kong — the biggest stock debut in history — was postponed one day after Chinese regulators summoned Jack Ma and other executives of the financial technology giant.
The Shanghai Stock Exchange slammed the brakes on Ant’s initial public offering and informed the company that the share sale, which was expected to raise $37 billion, might no longer meet the requirements for listing. On Monday, Chinese regulators had summoned company executives, including Mr. Ma, the co-founder of Alibaba and Ant’s controlling shareholder, for a meeting.
Neither the regulators nor Ant have said in detail what was discussed at the meeting. Shortly after the Shanghai exchange’s announcement late Tuesday, Ant said it was suspending the Hong Kong listing as well. The company apologized to investors “for any inconvenience.”
The company’s Alipay payment app has more than 730 million users and also serves as a platform for small loans, insurance and investment products. But competing against China’s financial institutions always comes with risk. Ant’s future remains at the mercy of Chinese regulators.
Dissident Chinese billionaire Guo Wengui , popularly known as Miles Kwok, had predicted in an Easternlink interview earlier this year that Jack Ma’s “time is up.” He had said that the Chinese Communist Party, which he described as the ‘single biggest mafia ‘ in the world does allow billionaires to flourish for a while before they hit them hard. ” You will find them either falling off staircases or highrises to death or someone smart enough like me run away in good time and mark my words, Jack Ma’s time is up . The CPC will go after him soon,” Miles Kwok had said in an interview recorded at an undisclosed location.
Guo Wengui (Chinese: 郭文贵; born May 10, 1970—self claim or October 5, 1968), also known under the names Guo Wen Gui, Guo Haoyun (郭浩云), Miles Guo, and Miles Kwok, is a Chinese billionaire businessman who became a political activist and controls Beijing Zenith Holdings (via proxy people Li Lin and Jiang Yuehua), and other assets. At the peak of his career, he was 73rd among the richest in China. Guo was accused of corruption and other misdeeds by Chinese authorities and fled to the United States in late 2014, after learning he was going to be arrested under allegations including bribing, kidnapping, money laundering, fraud and rape. Guo is a colleague of Steve Bannon and a member of U.S. President Donald Trump‘s Mar-a-Lago resort in Florida.
Guo claims to be a whistle-blower, but some of his statements were unable to be verified by newspapers such as The New York Times. Between 2018 and 2020, Guo launched two media projects with Bannon, G News and GTV Media Group.