Ant Group’s initial public offering could be delayed by at least six months and its valuation sharply reduced after Beijing abruptly halted its trading debut this week, people directly involved in the deal and investors said.
Shares of China’s biggest financial technology group, which was set to raise $37bn in the world’s largest IPO, were due to begin trading in Shanghai and Hong Kong on Thursday.
But the Shanghai Stock Exchange suspended the listing on Tuesday night, a day after Beijing announced draft regulations that investors said would force the payments company to rethink its business model.
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