US President Donald Trump has signed an order banning US transactions with eight digital Chinese payment platforms including Ant Group’s Alipay in 45 days, when he’ll no longer be in office.
Browsing: Jack Ma
China’s move to halt Ant Group’s massive stock debut could reduce the fintech giant’s value by as much as $140-billion, according to analysts’ revised estimates.
The mid-level bureaucrats left China’s richest man waiting as they prepared for a meeting that would send shockwaves across the financial world.
The shock suspension of Ant Group’s $35-billion initial public offering is just the beginning of a renewed campaign by China to rein in the fintech empire controlled by Jack Ma.
Two weeks ago, Jack Ma somehow found the time to opine on China’s banking system at a high-profile financial forum in Shanghai, once again throwing himself into the eye of the storm. That’s now costing him big time.
Ant Group’s $37-billion listing has been suspended in both Shanghai and Hong Kong in a dramatic move just two days before what was set to be the world’s largest-ever stock market debut.
Four Chinese regulators invited billionaire Jack Ma and Ant Group’s top executives to a supervisory interview on Monday, a rare meeting that underscores rising government scrutiny of the company.
Ant Group may not be a household name in most of the world, but the Chinese fintech behemoth controlled by Jack Ma has set off an investor frenzy for the history books.
There’s no shortage of superlatives for Ant Group’s initial public offering. Here’s a look at some of the key metrics, and why billionaire Jack Ma seems to be such a fan of the number eight.
Ant Group plans to increase the valuation target for its initial public offering to at least $280-billion due to strong demand. That would make it worth more than three times US banking giant Citibank.