Nov 3, 2020 at 13:49 UTC Updated Nov 3, 2020 at 14:43 UTC
Ant Group and Alibaba founder Jack Ma (Frederic Legrand – COMEO/Shutterstock) Shanghai, Hong Kong Stock Exchanges Pause Ant Group IPO Over Regulatory Concerns [UPDATED] Ant Group’s IPO has been suspended on both the Shanghai and Hong Kong stock exchanges due to significant changes in China’s regulatory environment for fintech firms that are expected to affect the company.
The Shanghai exchange said Tuesday that the changes will create new requirements such as more financial disclosures ahead of IPOs, making it more difficult for fintech companies to list.HKEX made a similar announcement soon after.
The announcements come on the heels of an interview between Jack Ma, founder of Ant Group and four major Chinese financial regulators including the central bank and China Securities and Regulatory Commission.
Just days before the IPO was to go ahead, the four regulators put forward a slew of new regulations that are targeted at fintech companies like Ant Group.In particular, measures from the China Banking and Insurance Regulatory Commission would further regulate fintech companies’ lending businesses, while requiring more licenses for cross-province transactions and imposing new limitations on the borrowers.
The twin IPO in Hong Kong and Shanghai has been expected to be the largest ever, raising as much as $37 billion.
Ant Group is known for its major subsidiaries like Alipay and Kakao, but it also has a blockchain arm offering services based on its own AntChain technology.
UPDATE (Nov.3, 2020, 14:06 UTC) : Following the publication of this article, the Hong Kong stock exchange also suspended Ant Group’s IPO efforts.Share this: Why Traders Should Chart the Entire Crypto Market Cap Market capitalization gets a lot flack for being a poor metric to measure the value of a cryptocurrency – and perhaps rightly so – but that shouldn’t stop traders from using it as a tool to generate a market bias.To summarize: the market capitalization of a cryptocurrency is a function of market price multiplied… Amid US-China Tech War, Can Neo’s DeFi Stack Rival Ethereum’s? Oct 7, 2020 at 09:00 UTCUpdated Oct 7, 2020 at 09:07 UTCChinese tech companies were once seen as copycats of their Western peers: Alibaba was a knockoff of eBay and Baidu imitated Google.More recently, Chinese firms like TikTok and Huawei have established such dominant international positions that U.S.authorities have tried to hold them… CoolBitX Raises $16.7M to Make Crypto More Bank-Friendly Feb 25, 2020 at 01:00 UTCCoolBitX staffers.
(Courtesy photo)Asian companies are accelerating the crypto industry’s push to make exchanges work more like traditional banks.The crypto wallet and security startup CoolBitX raised $16.7 million in a round led by Japanese financial group SBI Holdings, with participation from the National Development Fund of Taiwan, Korean crypto exchange… South Korea’s Kakao Leads $15 Million Raise for Public Blockchain Startup Orbs news Hybrid blockchain platform Orbs has raised over $15 million in cryptocurrency with help from South Korean app provider Kakao.A Kakao representative told CoinDesk that its investment arm had joined the funding effort because it “always seeks to invest and support innovative startups and Orbs is a good example.” The startup raised 139,000 ether… Polychain Capital, Square Crypto’s Steve Lee Invest in Bitcoin Broker’s $5.7M Seed Round Jun 17, 2020 at 13:00 UTCUpdated Jun 17, 2020 at 13:18 UTCPolychain Capital, Square Crypto’s Steve Lee Invest in Bitcoin Broker’s $5.7M Seed RoundA slew of investors is backing bitcoin brokerage River Financial to the tune of $5.7 million.Announced Wednesday, the San Francisco-based startup has closed a seed round joined by Polychain Capital, Slow… Facebook Unveils Libra Cryptocurrency, Targeting 1.7 Billion Unbanked news You don’t have to have a Facebook account to use Libra.
That’s the hands-off approach the social media giant is working toward as it announces its new blockchain and the token of the same name that will run on top of it.While Tuesday’s announcement is still early days, the scope of the project… Canada’s Central Bank Is Serious About Designing a CBDC, Job Posting Reveals Jun 16, 2020 at 17:04 UTCUpdated Jun 16, 2020 at 17:08 UTC(Bank of Canada/Flickr Creative Commons)After years of research, the Bank of Canada is preparing to design its own central bank digital currency (CDBC).Revealing its plans in a June 11 job posting, the central bank said it was “reinventing central banking” and radically rethinking… BitMEX Sees Biggest Short Squeeze in 8 Months After Bitcoin Surge Jun 2, 2020 at 12:39 UTCUpdated Jun 2, 2020 at 12:40 UTCBitcoin’s latest move above $10,000 looks to have nullified a significant amount of selling pressure building in the market.The biggest cryptocurrency by market cap saw a bull breakout late on Monday, with the spot rise jumping from $9,440 to a 3.5-month high of… Acuitas, Arrington XRP Capital Back $14.5 Million Series A for CasperLabs news CasperLabs, a startup building an open-source blockchain platform aimed to achieve scale without sacrificing decentralization, has raised $14.5 million in a Series A funding round.The round was led by financier Terren Piezer – known as the “Zelig of Wall Street” – via his personal holding company, Acuitas Group Holdings.Arrington XRP Capital, Consensus Capital, Axiom… Leave a Reply You must be logged in to post a comment.
Search.
