Ant Group IPO postponed by Shanghai Stock Exchange: WSJ

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The initial public offering of Ant Group, operator of China’s immensely popular Alipay mobile wallet, has been postponed by the Shanghai Stock Exchange, the Wall Street Journal reported Tuesday. The exchange said Ant’s meeting with regulators on Monday has disqualified it from listing, the paper reported. Ant Chairman and CEO Jack Ma met Chinese regulators on Monday. Ant, which is affiliated with e-commerce giant Alibaba Group Holdings Inc. was planning the biggest IPO in history with dual listings on the Hong Kong and Shanghai exchanges, aiming to raise about $34.5 billion through the offering. Trading was expected to begin Nov. 5. The company is best known for its mobile-payments offering, but it aims to be a one-stop financial hub that also provides access to wealth management, investing and insurance services. Analysts view the payments portion of the business as a gateway that brings users in to Ant’s more complex offerings.
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