Ant's foiled IPO: Taming of Jack Ma or urgent need to rein in fintechs?

Singapore

ONE of the early signs that the Ant Group's US$35 billion initial public offer (IPO) had hit a snag was the curious tearing down of all its advertisements from billboards across Shanghai Metro stations before its scheduled Thursday debut. Reason: their contents allegedly promote unwelcomed values that encourage advanced consumption.

Ant's simultaneous dual listing on China's Shanghai Star Market and Hong Kong Stock Exchange was arguably the holy grail and ultimate validation for Jack Ma's fintech, an operator of China's largest mobile payment application by volume, Alipay. But all that came crumbling late on Tuesday, when China slammed the brakes on its debut on grounds that Ant may not meet listing qualifications and disclosure rules.