Beijing, not Washington, is the biggest challenge for Chinese fintech giants like Ant ...Middle East

Quartz - Economy
Beijing, not Washington, is the biggest challenge for Chinese fintech giants like Ant
source : Quartz ( Middle East ) () 9
Ant Group’s blockbuster IPO was poised to be a major milestone for a homegrown champion. But officials in Beijing have had other ideas.The Shanghai Stock Exchange announced late on Tuesday (Nov. 3) that its listing of Ant, which was scheduled for Thursday, had been suspended. The surprising reversal comes after Jack Ma, Ant’s billionaire controlling shareholder, and two other top executives were summoned by regulators yesterday for a supervisory meeting.The exchange said it was putting the listing on hold after Ant said there had been “material changes” in the regulatory stance on financial services, which could result in Ant failing to meet the conditions for listing and providing informati

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