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ISSUE – NOV. 04 | Pulled Ant Group IPO costs Alibaba nearly $60B in market cap

News today that Ant Group’s  IPO is suddenly on hold in both Shanghai and Hong Kong caused a sell-off of Alibaba shares. This afternoon, equity in sister-company Alibaba is off around 8% in the wake of the delayed offering and news that Ant had run into regulatory issues with the Chinese government. Ant was spun out of Alibaba, which owns a one-third stake in the financial technology powerhouse. Ant’s IPO was on track to be among the largest in history, perhaps raising as much as $34.5 billion in its dual-listing share sale. The company was going to have little trouble filling that book, with retail demand for its shares at IPO reaching nearly $3 trillion in mainland China alone (it’s not uncommon for popular share issues to have massive oversubscription). [ Teech Crunch ]

Ant Group’s $34B+ IPO postponed

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