Ant’s Record IPO Suspended in Shanghai and Hong Kong Stock Exchanges

The scheduled initial public offering (IPO) of Ant Group has been delayed for now, after its plans of listing on the Shanghai and Hong Kong’s stock exchanges were thwarted by authorities.

Daily Current Affairs Quiz 2020

Key-Points

The company had hoped to raise up to $37 billion from the market, in an IPO that would have been the world’s largest, beating the last year’s $29.4 billion listing of Saudi Aramco.

Ant Group, formerly known as Ant Financial and Alipay, is an affiliate company of the Chinese Alibaba Group.

Ant Group is the world’s highest-valued FinTech company, and most valuable unicorn company.

The group owns China’s largest digital payment platform, Alipay.