Users with a higher Zhima Credit scores can enjoy benefits such as deposit waivers when renting a bike or staying at a hotel. In a statement on its official WeChat account, Ant Group apologized to investors for "any inconvenience caused by this development.". NOT since the listing of Chinese e-commerce giant Alibaba Group Holding six years ago has an initial public offering generated as much buzz as next week’s listing of Ant Group. What is Ant Group IPO. By Hanna Ziady and Sherisse Pham, CNN Business, Updated 11:51 AM ET, Tue November 3, 2020. Register now to be a part of the biggest fintech disruption of 2020. The development is a blow to investors in Ant Group that were hoping to cash out with the IPO. No regulator anywhere wants to be irrelevant," he said. Alibaba’s listing, which raised US$25 billion, was the biggest IPO ever at the time. Ant Group, formerly known as Ant Financial and Alipay, is an affiliate company of the Chinese Alibaba Group. Ant was expected to be the world's largest IPO, with a valuation of over $300 billion. It provides a basic health plan to protect participants against 100 kinds of critical illnesses. "Ant Group is much more than PayPal which only processes financial payments. All times are ET. Just before the Ant Group IPO was meant to go ahead tomorrow, the Chinese Shanghai Exchange said that there were too many issues and would postpone the listing. The abrupt suspension of fintech giant Ant Group Co. Ltd.’s record-breaking IPO in November has fueled debate about the shortcomings of the new system for evaluating and approving listings on Chinese mainland stock markets. Here's why they're on Parler, Watch this 'infinite' music video of Billie Eilish's 'Bad Guy', Here's how Prop 22 could transform the gig economy, Watch astronauts arrive at International Space Station, See Apple's new Macbooks with the M1 chip, Watch: People travel in Virgin Hyperloop for the first time, An online movement has these Trump supporters convinced the election was stolen, Disney's new robot has a creepily human gaze, Watch this flying car complete its first flight. Even before announcing its IPO plans, Ant Group was the world's most valuable fintech company, with a valuation of $150 billion after a 2018 fundraising round. News of the postponed IPO focused on some regulatory bottlenecks. Ant Group’s blockbuster $37-billion IPO suspended in Shanghai and Hong Kong. MYbank is one of the first private banks piloted in China and the first online bank with no physical branches. While it's not yet clear exactly why the Ant Group IPO was suspended, it could be an attempt by Beijing to remind Ma "who calls the shots," Clark told CNN Business on Tuesday. Ant Group said on Tuesday that it would stay in "close communications" with regulators and the Shanghai exchange. MYbank is committed to serving small and micro businesses. "We will continue to serve small and micro businesses and ordinary citizens with our passion, professionalism and commitment for society.". "We will overcome the challenges and live up to the trust on the principles of: stable innovation; embrace of regulation; service to the real economy; and win-win cooperation," the company said in its statement. Morningstar: Copyright 2018 Morningstar, Inc. All Rights Reserved. Hong Kong (CNN Business) Chinese … It’s also accelerated a shift that was already underway to tighten supervision over IPO applications. In September, China's ruling Communist Party published an. China’s move to halt Ant Group Co.’s massive stock debut could reduce the fintech giant’s value by as much as $140 billion, according to analysts’ revised estimates. Alibaba Group Holding Ltd (NYSE: BABA)-backed Ant Group is unlikely to be able to hold its suspended initial public offering before 2022, Bloomberg reported Sunday. Ant will announce the IPO… We respect the confidential nature or your information and all data submitted will not be shared with any third parties. NPR's Emily Feng explains why. Disclaimer. Chinese financial technology group Ant has unveiled plans for a stock market debut that may raise a record $30bn (£23bn). Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. How China's Ant Group built a $17 trillion payments machine, This robotaxi from Amazon's Zoox has no reverse function, Watch: Airbnb founder stunned on live TV by stock price, Hear Ashton Kutcher's plea to lawmakers on proposed child abuse legislation, These Trump supporters say big tech is biased. Ant Group’s monster $30 billion IPO was postponed. All rights reserved. The registration-based IPO system, which had been under … London (CNN Business)Ant Group's highly anticipated IPO has been suspended following a meeting between the company's billionaire co-founder Jack Ma and regulators in China, an abrupt move that threatens what was due to be the largest share sale in history. Sign up and discover how you can access Ant Group’s huge IPO, By submitting your details, you agree to our. Published November 3, 2020. Investors are still trying to parse the fallout from the recent decision to pull the blockbuster initial public offering of Ant Group. Ant, the financial technology company affiliated with Chinese e-commerce group Alibaba , plans to list simultaneously in Hong Kong and Shanghai. Still, such a dramatic move so close to the listing date is surprising because it could damage Beijing's drive to develop its capital markets, he added. All content of the Dow Jones branded indices Copyright S&P Dow Jones Indices LLC 2018 and/or its affiliates. China's last-minute abandonment of Ant Group's record-breaking IPO stems from an intensifying battle for the soul of the nation's financial system that the fintech giant and its charismatic leader Jack Ma helped to ignite. Ant Group aims to create the infrastructure and platform to support the digital transformation of the service industry. Ant Group is the world's highest-valued FinTech company, and most valuable unicorn company. Updated 7:12 AM ET, Wed August 26, 2020. "Jack Ma's aggressive comments last weekend exacerbate the brewing conflict between large Chinese tech companies and powerful regulators," Lu said in emailed comments. ET First Published: Sept. 24, 2020 at … Ant Group, the Alibaba ( NYSE:BABA) -backed fintech company that owns the digital payments platform Alipay, will soon go public in one of the biggest IPOs in … Ant Group set to score world’s largest IPO, pegging its value higher than JPMorgan Chase, the world’s biggest bank. The giant Chinese fintech upstart is expected to raise more than $30bn, eclipsing Saudi Aramco’s debut last year Yu’e Bao is an online spare cash management platform launched by Ant Group in the Alipay app. The abrupt suspension of fintech giant Ant Group's record-breaking IPO in November has fueled debate about the shortcomings of the new system … All rights reserved. Users can enjoy up to 41 days of delayed re-payment free of charge and 12-month installment services. Alipay is China’s largest mobile payments business operated by Ant Group. But just before its shares started trading, Chinese regulators pulled the plug. This is the first time that Chinese regulators have taken such drastic actions on the eve of a large IPO, senior geotechnology analyst at Eurasia Group Xiaomeng Lu told CNN Business. Ant Group's original $300-billion-plus valuation is now expected to be cut in half after Chinese officials said the company did not meet certain regulatory and … By submitting your details, you agree to our Legal Notice and that you have read our Privacy Statement. Suspension of Ant Group’s IPO likely to cost investment banks US$400 million in fees Two dozen investment banks had been set to receive a fee worth 1 per cent of the offering in Hong Kong HONG KONG. Ant’s mobile payment app Alipay has 731 million users on September 30. In October 2020, Ant Group was set to raise US$34.5 billion in the world's largest IPO at the time, valuing the company at US$313 billion. Ant Group changed name in June 2020 from Ant Financial Services Group. Ant Group's highly anticipated IPO has been suspended following a meeting between the company's billionaire co-founder Jack Ma and regulators in … When someone transfers money to Yu’e Bao, it will be put into a money market fund managed by a partner asset management company, generating returns for the user. Global markets were stunned Tuesday when Ant's record-breaking $34 billion IPO was abruptly shelved, frustrating investors eager for a piece of the fast-growing company. Ant Group is a fintech firm that was set to launch with the world's largest ever IPO. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Most stock quote data provided by BATS. Duncan Clark, the author of "Alibaba: The House that Jack Ma Built" and chairman of investment advisory firm BDA China, said before the IPO was halted that Chinese regulators "want to put out statements that they're the ones in charge, the ones in control. Factset: FactSet Research Systems Inc.2018. Ant Group บริษัทด้านเทคโนโลยีทางการเงิน (ฟินเทค) ในเครือ Alibaba ของจีน ตัดสินใจระงับแผนไอพีโอ (IPO) หรือการเปิดขายหุ้นให้กับสาธารณะชนเป็นครั้งแรก Holding the title will be tough. In 2004, Alipay launched as an escrow service to address the issue of trust between online buyers and sellers in the early days of e-commerce in China. This is when there’s almost $3 trillion of investor demand for the shares, with many people borrowing from mum, dad, sister, brother, aunt and uncle to get a stake in the business. "Ant is likely to adjust its IPO valuation as a result of this intervention and delay its launch date.". What … The move comes after the People's Bank of China and three other financial regulators summoned Ma and two Ant Group executives for. Ant Group, formerly known as Ant Financial and Alipay, is an affiliate company of the Chinese Alibaba Group. By Sherisse Pham, CNN Business. Queen of the colony What Ant Group’s IPO says about the future of finance. Ant Group's Jack Ma called in to talk to Chinese regulators ahead of IPO, Shanghai could be the world's biggest IPO market this year. The new regulations could make its business model more akin to a bank, a sector that is highly regulated, investors said. China’s biggest financial technology group had been set to raise US$37 billion in the world’s largest IPO before Beijing’s intervention this month. Ant Group Co. has set the price for its initial public offering in Shanghai, paving the way for a blockbuster sale that may give the Chinese fintech giant a … Alibaba, which owns one third of Ant Group, fell as much as … Ant Group's Chinese IPO could be among the biggest in history. Ant Group is the world’s highest-valued FinTech company, and most valuable unicorn company, with a valuation of US$150 billion. Ant Group is the biggest online consumer credit provider in China through its Huabei (花呗) platform, which offers credit lines for small unsecured loans to customers for daily expenditures, and Jiebei (借呗), which offers short-term unsecured loans for larger transactions, according to Ant’s IPO … CNN Sans ⢠& © 2016 Cable News Network. Ant Group declined to comment on the current timeline of its IPO. The rules could could mean that Ant would have to set aside more cash for the loans it facilitates and would place more credit risk on its balance sheet, according to Bernstein analyst Kevin Kwek. The dual listing was set to raise $37 billion, making it the biggest share sale in history by a wide margin.
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