The November curtain seems to have failed to bring good luck to Chinese millionaire Jack Ma as his firm Ant Group faces a delay in listing publicly issued shares (IPOs) on the Shanghai Exchange.
The company's listing value, reaching $ 34 billion, is the highest IPO in the world and is scheduled for November 5 for both Hong Kong and Shanghai exchanges.
Alibaba shares in Hong Kong fell nearly 10% after the announcement of the ban and Jack Ma turned a blind eye to a loss of more than $ 3 billion.
Alibaba owns 33% of Ant Group shares and Jack Ma owns Alibaba shares of 4.2%, bringing the market capitalization to about $ 775.5 billion.
The incident reportedly began last Monday when Jack Ma and two senior Ant Group officials were called by China's regulatory body.
The meeting to clarify the restrictions is due to several issues arising including changes in the financial technology regulations made by the firm.
Indirectly indicates that the company will be closely monitored and the activities performed will be more limited. This also caused Ant Group to fail to list based on the conditions set by the exchange.
Ant Group guarantees the IPO-related application money that will be returned in the near future.
