Jack Ma Photograph:( Zee News Network )
Shanghai's stock exchange late on Tuesday suspended the record-breaking IPO of Ant Group less than 48 hours ahead of the shares' trading
The shocking decision taken by China at the last-minute has hurt the shares of Jack Ma's e-commerce giant Alibaba on Wednesday as investors remain concerned with the move.
Shanghai's stock exchange late on Tuesday suspended the record-breaking IPO of Ant Group less than 48 hours ahead of the shares' trading.
It said, "major issues such as changes in the fintech supervisory environment" rose concerns whether the company could now meet listing requirements.
Hong Kong's exchange also said it has postponed the IPO.
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The suspension stopped what would have the world's biggest IPO on Thursday, with both legs worth $34 billion.
Alibaba's Hong Kong-listed shares declined 9.6 per cent at the beginning of trading on Wednesday, after its New York-listed stocks ended 8.13 per cent lower on Tuesday post the announcement.
China's decision came after recent warnings in the state media about potential financial instability due to Ant Group's brisk growth.
Beijing has slammed new regulations to halt China's growing online lending sector, a field Ant Group has aggressively shifted into just as regulators have worked to lower the risk posed to its economy by runaway debt.