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Chinese President Xi Jinping personally made the decision to halt the listing of Ant Group on Nov. 3, which would have been the world’s biggest IPO, Chinese officials told WSJ.
The decision came days after the fintech giant's billionaire founder Jack Ma publicly criticized the government's increasingly tight financial regulation for holding back technology development.
At that point, investors around the world had already committed to paying more than $34B for shares of Ant, which is a third owned by Alibaba (NYSE:BABA).
Since Xi rose to power in late 2012, the government has taken action and cracked down on some of the country's highest-profile private conglomerates, including Dalian Wanda and Anbang Insurance Group.
The decision came days after the fintech giant's billionaire founder Jack Ma publicly criticized the government's increasingly tight financial regulation for holding back technology development.
At that point, investors around the world had already committed to paying more than $34B for shares of Ant, which is a third owned by Alibaba (NYSE:BABA).
Since Xi rose to power in late 2012, the government has taken action and cracked down on some of the country's highest-profile private conglomerates, including Dalian Wanda and Anbang Insurance Group.
