World's biggest stock market debut abruptly halted
Group Ant Jack Ma: greater market debut of the suspended World

ant, backed by Jack Ma, billionaire founder of e-commerce platform Alibaba, fixed to the shares sale worth about $ 34.4bn (£ 26.5bn) on.

listings in Shanghai and Hong Kong have been the biggest debut on the stock to date.

However, the Chinese authorities have cited "major problems" as the reason behind the suspension last minute.

ant run Alipay, the leading online payment system in China, which has eclipsed cash, checks and credit cards.

Alibaba, which owns a third of ant, saw share price plummeting 9.6% in Hong Kong trading on Wednesday.

This followed a fall of 8.1% in New York on Tuesday after the suspension was announced.

Alibaba appears both in the US and Hong Kong, and had previously broken the record for the highest debut on the stock market in 2014.

This share price almost $ 76bn wiped falls in value, more than twice the amount ant intended to increase. Shanghai Stock Exchange said in a statement that Mr. Ma had been called for "monitoring interviews."

A change in the regulatory environment and meant Ant "list conditions or requirements disclosure" .css-1pzprxn-BulletListContainermargin-left is not met :. 1.5rem; .css-1pzprxn-BulletListContainer

  • Alibaba strengthens the stranglehold of Chinese buyers
  • Eye Group Jack Ma Ant record $ 34bn market debut

    The Stock Exchange of Hong Kong and then he reported that Ant had decided to suspend its planned list.

    ant was due to sell about 11% of its shares through the two stock exchanges. However, the pricing around the business value of about $ 313bn.

    The previous biggest debut was $ 29.4bn Saudi Aramco float last December. What would be the largest IPO in the world starting now been crushed by Chinese regulators.

    In its prospectus letter, CEO of ant, Eric Jing, had grown up in praise about how the company is revolutionizing the future of money.

    Perhaps what he and Jack Ma - the founder billionaire Alibaba and the largest shareholder of ant control - did not factor is how ultimately not revolutionary matters is your business, if you are operating in China, it still needs the blessing of the Chinese regulators.

    executives of the company and Mr. Ma were called by the Chinese authorities to the opinion by a discussion on the regulation of Fintech growing firm. Reports

    But the media said the meeting may also have been an opportunity to review the comments of Mr. Ma made at a conference last month Fintech.

    Ma compared to traditional banks "Pawnshops" praising the merits of the digital banking system instead.

    He said that future lending decisions must be based on data, not collateral.

    It is likely to have set off alarms the Chinese authorities.

    ant collects large amounts of customer data - data that the Chinese government does not have immediate access to, unless requested.

    China is very supportive of Chinese enterprises. It is a criticism directed at him by other countries.

    But in return, Beijing also expects a certain degree of control over Chinese companies do not normally see in other countries.

    Digital Empire Jack Ma is shifting increasingly outside that circle of control. The suspension of this list can serve as a reminder of who really calls the shots.

    "Ant Group sincerely apologizes for any inconvenience caused by this development," the company said in a message to investors.

    "We will properly handle issues monitored in accordance with applicable regulations of the two exchanges." Related topics margin: Calc (0.5rem / 2);

  • China
  • Alibaba
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