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|Investors who put in bids worth a record $3 trillion in China’s Ant group were stuffed after regulators abruptly suspended what would have been the world’s largest stock market debut.|
Ant Group (蚂蚁金服), formerly known as Ant Financial and Alipay, is an affiliate of the Alibaba Group. Ant Financial is the world's highest-valued FinTech company, and most valuable unicorn (start-up) company, with a valuation over US$150b. In March 2019, The Wall Street Journal reported that Ant's flagship market fund was the biggest in the world, with over 588 million users of Ant's mobile payments network Alipay. That is more than a third of China's population.
|China blocked the fintech giant's $37 billion listing. It's a serious blow to the company founded by billionaire and Alibaba (BABA.N) co-founder Jack Ma. China’s financial regulators are taking aim at the company’s lucrative online lending business. |
A huge number of small retail investors have caused a tidal wave of demand.