Chinese government halts Ant Group’s $37 billion stock market listing

On Tuesday, the Chinese government halted Ant Group Co’s $37 billion stock market listing due on Thursday. The financial technology company said that its shares sale would be the world’s largest Initial Public Offering (IPO).

“Innovation and entrepreneurship should be encouraged, but at the same time, we need to strengthen supervision and include all financial activities into the regulatory framework by law,” China’s Financial Stability and Development Committee said in a statement.

Ant Group stated that the Shanghai stock exchange had suspended its stock market listing while its billionaire founder Jack Ma and top executives held a meeting with Chinese financial regulators.

“The Communist Party has shown the tycoons who’s boss. Jack Ma might be the richest man in the world but that doesn’t mean a thing. This has gone from the deal of the century to the shock of the century,” GEO Securities’ Chief Executive Officer Francis Lun said.

Ant Group added that it would disclose further details on its IPO suspension as soon as possible.