Ant mulls next steps as China suspends $37 billion listing

Nov 04, 2020, 06:47PM ISTSource: TOI.in

China's suspended Ant Group's $37 billion listing just days ahead of its stock market debut. It has thrown the company and its investors into a tailspin as it faces a scramble to try and satisfy financial regulators. The company has been trying to present itself as a technology company, rather than a financial giant. Chinese regulators have become increasingly uncomfortable with parts of its sprawling empire. Chinese regulators recommended the tightening of regulations for online micro-lending companies. This would help contain potential financial risks and rein in rising debt levels. Analysts said Ant will need to abide by these rules in order to press ahead with its plans to list in Shanghai and Hong Kong.

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