Alibaba CEO strikes conciliatory tone on China’s plans for tougher tech regulation
4 years, 1 month ago

Alibaba CEO strikes conciliatory tone on China’s plans for tougher tech regulation

CNN  

Hong Kong CNN Business — Alibaba CEO Daniel Zhang has described plans by Chinese regulators to tighten restrictions on internet companies as “timely and necessary.” The remarks from Zhang come as Alibaba finds itself in the crosshairs of Chinese regulators. As China’s internet industry continues to develop, “many new problems and challenges will definitely arise,” Zhang added, and the government needs to manage them “with policies and regulations that keep pace with the times.” Alibaba’s Hong Kong-traded shares closed up nearly 5% following Zhang’s speech. Zhang’s remarks come about a month after Ma publicly criticized Chinese regulators for stifling innovation, and blasted the country’s banks for having a “pawn shop” mentality. Shortly after Ma’s comments, Chinese regulators pulled the plug on the highly anticipated public offering of Ant Group, the financial technology company affiliated with Alibaba and controlled by Ma.

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History of this topic

Alibaba has stopped monopolistic practices, regulator says
3 months, 3 weeks ago

Alibaba has stopped monopolistic practices, regulator says

China Daily  

A pedestrian walks past the headquarters of Alibaba in Beijing. KUANG DA/FOR CHINA DAILY China's top market regulator said on Friday that it has successfully guided tech giant Alibaba Group through a three-year antitrust compliance overhaul, ending the company's monopolistic practices and boosting fair competition in the country's online retailing sector. The move came as the State Administration for Market …

China’s Alibaba names CEO Eddie Wu to head its e-commerce business as its growth falters
1 year ago

China’s Alibaba names CEO Eddie Wu to head its e-commerce business as its growth falters

Associated Press  

HONG KONG — China’s Alibaba Group says its CEO Eddie Wu will head its core e-commerce business, as the company seeks to drive growth and fend off fast-growing online shopping rivals like Pinduoduo. Alibaba’s chairman Joe Tsai said in an internal letter dated Wednesday that Dai will help set up an asset management company aimed at improving returns on capital …

China imposes nearly $1 billion fine on Jack Ma's Ant Group: Report
1 year, 5 months ago

China imposes nearly $1 billion fine on Jack Ma's Ant Group: Report

Hindustan Times  

Chinese authorities imposed a fine of nearly USD 1 billion for the financial technology giant Ant Group on Friday, nearly three years after regulators blocked the company's proposal for a record-breaking public offering, which launched a period of intensified government scrutiny of technology firms, The New York Times reported. Following the crackdown on Ant in 2020, its sister company Alibaba, …

Chinese Firms Ant Group, Tencent Hit with Hefty Fines for 'Illegal Acts' as Crackdown Draws Close
1 year, 5 months ago

Chinese Firms Ant Group, Tencent Hit with Hefty Fines for 'Illegal Acts' as Crackdown Draws Close

News 18  

Chinese regulators said Friday they had fined fintech giant Ant Group almost $1 billion for “illegal acts” and handed an affiliate of rival Tencent a $415 million penalty, adding that a long-running crackdown on tech firms was drawing to a close. “In view of the illegal and irregular acts by Ant Group and its affiliates in previous years… have been …

Chinese e-commerce giant Alibaba announces new CEO and chairman in major management reshuffle
1 year, 6 months ago

Chinese e-commerce giant Alibaba announces new CEO and chairman in major management reshuffle

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy China’s Alibaba Group has announced …

Chinese e-commerce giant Alibaba announces new CEO and Chairman in major reshuffle
1 year, 6 months ago

Chinese e-commerce giant Alibaba announces new CEO and Chairman in major reshuffle

The Hindu  

China's Alibaba Group has announced a major management reshuffle aimed at spurring the e-commerce giant's growth at a time when the Chinese economy is slowing despite an end to COVID-19 pandemic restrictions a half-year ago. Alibaba's current Executive Vice Chairman, Joseph Tsai, is to succeed Mr. Zhang as Chairman of the Alibaba Group. Mr. Zhang became Alibaba Group's CEO in …

Chinese e-commerce giant Alibaba announces new CEO and chairman in major management reshuffle
1 year, 6 months ago

Chinese e-commerce giant Alibaba announces new CEO and chairman in major management reshuffle

Associated Press  

HONG KONG — China’s Alibaba Group has announced a major management reshuffle as the e-commerce giant restructures into six different business divisions to adapt to fast-changing technologies. Alibaba’s current executive vice chairman, Joseph Tsai, is to succeed Zhang as chairman of the Alibaba Group. Alibaba’s reorganization will allow five of its six business divisions, excluding the core e-commerce business, to …

Alibaba to split empire into 6 units as co-founder Jack Ma returns to China
1 year, 8 months ago

Alibaba to split empire into 6 units as co-founder Jack Ma returns to China

Hindustan Times  

Alibaba Group plans to split into six units and explore fundraisings or listings for most of them, it said on Tuesday, in a major revamp as Beijing vows to ease a sweeping regulatory crackdown and support its private enterprises. The Chinese e-commerce conglomerate said that the biggest restructuring in its 24 year history would see it split into six units …

The Continuing Saga of China’s Ant Group
1 year, 10 months ago

The Continuing Saga of China’s Ant Group

The Diplomat  

Chongqing Ant Consumer Finance, a subsidiary of Alibaba’s spinoff financial arm, Ant Group, recently received regulatory approval to raise $1.5 billion to expand itself into the consumer finance business. According to Reuters, after the CBIRC approved Cinda’s funding plan, China’s State Council questioned the investment in Ant Group without having it restructured as per state demands. First, the billionaire’s controversial …

Explained: How Chinese regulators grounded Jack Ma's ambitions
1 year, 11 months ago

Explained: How Chinese regulators grounded Jack Ma's ambitions

Firstpost  

A reshuffling of Jack Ma’s shareholding structure will see the Chinese business tycoon cede control of the fintech giant he formed in 2014 Jack Ma, the unconventional billionaire founder of tech giant Alibaba and the totem of China’s entrepreneurial brilliance, has stepped out of the limelight since a Communist Party crackdown that chopped back his empire. Chinese regulators torched the …

Jack Ma, Ant Group founder, to give up control of fintech giant in revamp
1 year, 11 months ago

Jack Ma, Ant Group founder, to give up control of fintech giant in revamp

The Hindu  

Ant Group's founder Jack Ma will give up control of the Chinese fintech giant in an overhaul that seeks to draw a line under a regulatory crackdown that was triggered soon after its mammoth stock market debut was scuppered two years ago. The Wall Street Journal reported in July last year, citing unnamed sources, that Mr. Ma could cede control …

Chinese regulators approve capital expansion for Ant Group
1 year, 11 months ago

Chinese regulators approve capital expansion for Ant Group

Associated Press  

HONG KONG — Chinese regulators have said e-commerce giant Alibaba’s finance affiliate Ant Group can raise $1.5 billion for its consumer finance unit in an important step forward after the government called off a planned IPO two years ago and ordered the firm to restructure. The China Banking and Insurance Regulatory Commission in the southwestern city of Chongqing said in …

Alibaba co-founder Jack Ma living in Tokyo after China's crackdown on tech firms: Report
2 years ago

Alibaba co-founder Jack Ma living in Tokyo after China's crackdown on tech firms: Report

Firstpost  

58-year-old Ma has largely disappeared from public view since he criticised the Chinese regulators in 2020, accusing the state-run banks of having a pawnshop mentality and calling for bold new players that can extend credit to the collateral poor Beijing: Chinese billionaire and e-commerce giant Alibaba founder Jack Ma who ran into trouble with the Chinese government over violating anti-monopoly …

Alibaba lays off nearly 10K employees amid poor sales
2 years, 4 months ago

Alibaba lays off nearly 10K employees amid poor sales

India TV News  

Chinese tech conglomerate Alibaba has bid goodbye to nearly 10,000 employees in an effort to cut expenses amid sluggish sales and a slowing economy in the country, the media reported on Saturday. According to South China Morning Post, more than 9,241 employees left Hangzhou-based Alibaba during the June quarter, as the company trimmed its overall headcount to 245,700. "That put …

China Anti-Monopoly Law: Market Regulator Fines Alibaba, Tencent for Failing to Report Deals
2 years, 5 months ago

China Anti-Monopoly Law: Market Regulator Fines Alibaba, Tencent for Failing to Report Deals

News 18  

China’s market regulator announced on July 10 that it has fined technology behemoths Tencent and Alibaba as well as a number of other companies for breaking anti-monopoly regulations regarding the disclosure of transactions. China Anti-Monopoly Law This law has undergone revisions after being approved by China’s top legislative body in June and it will go into effect on August 1. …

As Beijing takes control, Chinese tech companies lose jobs and hope
2 years, 11 months ago

As Beijing takes control, Chinese tech companies lose jobs and hope

Firstpost  

In place of the pride and ambition that dominated a few years ago, fear and gloom now rule as many tech companies lower their growth targets and lay off young, well-educated workers. Like many ambitious young Chinese, Zhao Junfeng studied hard in college and graduate school so he could land a coveted job as a programmer at a big Chinese …

Billionaire Alibaba Founder Jack Ma Reappears In Hong Kong: Report
3 years, 2 months ago

Billionaire Alibaba Founder Jack Ma Reappears In Hong Kong: Report

News 18  

Alibaba Group founder Jack Ma, largely out of public view since a regulatory clampdown started on his business empire late last year, is currently in Hong Kong and has met business associates in recent days, two sources said. The Chinese billionaire has been keeping a low profile since delivering a speech in October last year in Shanghai criticising China’s financial …

China steps up direct involvement in internet content firms
3 years, 4 months ago

China steps up direct involvement in internet content firms

Live Mint  

SINGAPORE : China is taking a more direct hand in managing its internet content companies by acquiring stakes, filling board seats and sending dedicated regulators to police content at firms more frequently, according to corporate filings and people familiar with the matter. Weibo, a social-media company with 530 million monthly active users in China as of March, said in its …

China issues draft rules banning unfair competition in the internet sector
3 years, 4 months ago

China issues draft rules banning unfair competition in the internet sector

The Hindu  

Chinese regulators on Tuesday issued a lengthy set of draft regulations for the internet sector, banning unfair competition and restricting the use of user data, the latest move in a crackdown on the country's powerful tech companies. According to a document published on China's State Administration for Market Regulation website, business operators should not use data, algorithms or other technical …

U.S. IPO market a danger zone for Chinese firms after Beijing crackdown
3 years, 5 months ago

U.S. IPO market a danger zone for Chinese firms after Beijing crackdown

The Hindu  

China's stepped-up scrutiny of overseas listings by its companies and a clampdown on ride-hailing giant Didi Global Inc soon after its debut in New York have darkened the outlook for listings in the United States, bankers and investors said. The broader regulatory clampdown and Didi's listing dust up drove the S&P/BNY Mellon China Select ADR Index, which tracks the American …

Alibaba executive says Jack Ma ‘lying low’, focusing on hobbies
3 years, 6 months ago

Alibaba executive says Jack Ma ‘lying low’, focusing on hobbies

Al Jazeera  

Jack Ma, who is known for his outspokenness and audacious statements, has been largely out of the public view since criticising China’s regulatory system. Alibaba Group Holding founder Jack Ma is “lying low” and focusing on hobbies and philanthropy, the Chinese e-commerce giant’s executive vice chairman and co-founder Joe Tsai told CNBC on Tuesday. Following Ma’s criticism of China’s regulatory …

Chinese govt pressurises Ant Group to facilitate exit of founder Jack Ma
3 years, 8 months ago

Chinese govt pressurises Ant Group to facilitate exit of founder Jack Ma

Op India  

A month after the Communist regime in China cracked down on the media assets of Alibaba, it has now directed Alibaba’s affiliate company Ant Group to take away control from its founder Jack Ma, reported Reuters. The Chinese regulators have directed the Ant Group to find options to sell Jack Ma’s stake in the company so as to seize control …

China's Ant to become financial holding firm under enforced revamp
3 years, 8 months ago

China's Ant to become financial holding firm under enforced revamp

The Hindu  

China's Ant Group, the fintech giant whose $37 billion IPO was derailed by risk-wary regulators days before it was due to list in November, will restructure as a financial holding company, the country's central bank said on Monday. The overhaul comes two days after e-commerce giant Alibaba Group Holding Ltd, of which Ant is an affiliate, was hit with a …

Chinese regulator orders Ant Group to conduct major overhaul
3 years, 8 months ago

Chinese regulator orders Ant Group to conduct major overhaul

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Chinese regulators have ordered Ant …

Alibaba accepts record $2.8bn fine and thanks Chinese authorities for ‘guidance’
3 years, 8 months ago

Alibaba accepts record $2.8bn fine and thanks Chinese authorities for ‘guidance’

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Alibaba group has accepted the …

Alibaba’s record fine is a ‘warning shot’ in China’s tech crackdown
3 years, 8 months ago

Alibaba’s record fine is a ‘warning shot’ in China’s tech crackdown

CNN  

Hong Kong CNN Business — Alibaba is trying to draw a line under accusations that it behaved like a monopoly after Chinese regulators hit the online shopping giant with a record fine over the weekend. Joe Tsai, Alibaba Group’s co-founder and executive vice chairman,told investors on Monday that the company will not appeal the 18.2 billion yuan penalty that China’s …

Alibaba: Jack Ma company fined £2.4bn by China over alleged market violations
3 years, 8 months ago

Alibaba: Jack Ma company fined £2.4bn by China over alleged market violations

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy China has fined Jack Ma’s …

Alibaba fined $2.8 billion on competition charge in China
3 years, 8 months ago

Alibaba fined $2.8 billion on competition charge in China

Associated Press  

BEIJING — Alibaba Group, the world’s biggest e-commerce company, was fined 18.3 billion yuan by Chinese regulators on Saturday for anti-competitive tactics, as the ruling Communist Party tightens control over fast-growing tech industries. It promised to “operate in accordance with the law with utmost diligence.” The move is a new setback for Alibaba and its billionaire founder, Jack Ma, following …

China slaps $2.8 bn fine on Ma’s Alibaba
3 years, 8 months ago

China slaps $2.8 bn fine on Ma’s Alibaba

The Hindu  

Chinese regulators have imposed a record $2.78 billion fine on the Alibaba Group, capping a months-long probe into the homegrown e-commerce giant’s dealings and troubles with the government that had raised questions about the future of its billionaire founder Jack Ma. The State Administration for Market Regulation in December announced an antitrust probe weeks after a record $37 billion IPO …

China's market regulator to launch new rules on online deals
3 years, 9 months ago

China's market regulator to launch new rules on online deals

The Hindu  

China's market regulator will launch new rules this year to clarify the responsibilities of platform companies involved in online transactions, the state-owned Xinhua News Agency said. The regulator will also accelerate the construction of a system that will collect the online transaction information in real time allowing for better monitoring and coordination, Weiwas quoted as saying on Monday which is …

China regulator fines 12 firms over anti-monopoly law
3 years, 9 months ago

China regulator fines 12 firms over anti-monopoly law

The Hindu  

China’s market regulator said on Friday that it fined a dozen companies, including games company Tencent Holdings and Chinese search engine firm Baidu Inc., for not disclosing past deals as authorities step up anti-monopoly scrutiny in the internet sector. The companies, which included other firms such as ride-hailing company Didi Mobility and Softbank, were fined 5,00,000 yuan each for not …

China denies plan for $1 bn Alibaba fine
3 years, 9 months ago

China denies plan for $1 bn Alibaba fine

The Hindu  

China denied on Friday it was planning to hit e-commerce giant Alibaba with a record fine of almost $1 billion for allegedly flouting monopoly rules, as authorities turned up the pressure on the country's vast technology sector. The market's regulator denied it was planning to fine the company almost $1 billion for anti-competitive behaviour, as reported by the Wall Street …

Jack Ma’s Ant Group was the next big thing. Now it may become just a boring bank
3 years, 10 months ago

Jack Ma’s Ant Group was the next big thing. Now it may become just a boring bank

CNN  

Hong Kong CNN Business — Jack Ma’s Ant Group quickly became one of China’s most powerful companies, and its plans for bridging the worlds of tech and finance were growing ever more ambitious by the day. The People’s Bank of China last September outlined new measures for financial holding companies that required them to hold “adequate capital” matching the amount …

Jack Ma makes first public appearance in months, and Alibaba stock is surging
3 years, 11 months ago

Jack Ma makes first public appearance in months, and Alibaba stock is surging

CNN  

Hong Kong CNN Business — Jack Ma just made his first public appearance in months as his tech empire continues to face scrutiny from Chinese regulators. Ma had not made a public appearance or social media post since late October, just over a week before Alibaba’sfinancial affiliate Ant Group was scheduled to list on the Shanghai and Hong Kong stock …

Alibaba under investigation amid speculation over Jack Ma's 'disappearance'
3 years, 11 months ago

Alibaba under investigation amid speculation over Jack Ma's 'disappearance'

ABC  

Chinese regulators have launched an investigation into China's biggest e-commerce giant Alibaba, cofounded by Jack Ma, one of the country's richest men. The State Market Supervision Administration issued a one-line statement on Christmas Eve that it had filed an antitrust investigation into Alibaba Group Holdings Ltd over their "suspected monopolistic practices". But it specified one of Alibaba's so-called "choosing one …

Control over ‘troves of data’ behind Alibaba’s tussle with authorities
3 years, 11 months ago

Control over ‘troves of data’ behind Alibaba’s tussle with authorities

The Hindu  

At the heart of the on-going tussle between Jack Ma’s Alibaba Group and regulators in China is the control over “troves of consumer-credit data” that authorities believe have given the e-commerce giant an unfair advantage over its competitors, according to a report on Wednesday. China’s State media said last month Mr. Ma was “summoned” for talks ahead of the Ant …

Jack Ma Not Missing, But Laying Low for Time Being, Says Report After Speculation on Alibaba Founder
3 years, 11 months ago

Jack Ma Not Missing, But Laying Low for Time Being, Says Report After Speculation on Alibaba Founder

News 18  

Contrary to speculation, Chinese e-commerce billionaire and Alibaba founder Jack Ma is not missing but is “laying low” at present after telling off Chinese government regulators, CNBC reported on Tuesday. After reports speculating about Alibaba founder Jack Ma’s whereabouts, @davidfaber reported Tuesday that the billionaire is not missing, according to a person familiar with the matter. That clashed with the …

Where is Jack Ma?: Alibaba founder not seen since October as China gets tough with his business
3 years, 11 months ago

Where is Jack Ma?: Alibaba founder not seen since October as China gets tough with his business

Firstpost  

Beijing: China’s best-known entrepreneur, e-commerce billionaire Jack Ma, made his fortune by taking big risks. “It’s too late to say goodbye.” Spokespeople for Alibaba and Ant didn’t respond to questions about why Ma hasn’t appeared in public. As for Ant, regulators worried it might add to financial risks seen by the ruling party as one of the biggest threats to …

Where is Jack Ma, China’s e-commerce pioneer?
3 years, 11 months ago

Where is Jack Ma, China’s e-commerce pioneer?

Associated Press  

BEIJING — China’s best-known entrepreneur, e-commerce billionaire Jack Ma, made his fortune by taking big risks. “It’s too late to say goodbye.” Spokespeople for Alibaba and Ant didn’t respond to questions about why Ma hasn’t appeared in public. As for Ant, regulators worried it might add to financial risks seen by the ruling party as one of the biggest threats …

Jack Ma ‘missing’ amid China’s clampdown on his businesses
3 years, 11 months ago

Jack Ma ‘missing’ amid China’s clampdown on his businesses

The Hindu  

Alibaba founder Jack Ma’s absence from public view in the past two months, including missing the final episode of a TV show on which he was to appear as a judge, has fuelled social media speculation over his whereabouts amid a Chinese regulatory clampdown on his sprawling business empire. China’s highest-profile entrepreneur has not appeared in a public setting since …

China orders Ant Group to rectify businesses
3 years, 11 months ago

China orders Ant Group to rectify businesses

The Hindu  

A view of the signage of Ant Group in the headquarters compound of the fintech giant in Hangzhou in eastern China's Zhejiang Province. File Chinese regulators have ordered Ant Group, the world’s largest financial technology company, to rectify its businesses and comply with regulatory requirements amid increased scrutiny of anti-monopoly practices in the country’s internet sector. The meeting came after …

China orders Ant Group to rectify businesses
3 years, 11 months ago

China orders Ant Group to rectify businesses

The Hindu  

Chinese regulators have ordered Ant Group, the world’s largest financial technology company, to rectify its businesses and comply with regulatory requirements amid increased scrutiny of anti-monopoly practices in the country’s internet sector. The meeting came after Chinese regulators last month halted Ant’s $37 billion stock debut in Shanghai and Hong Kong over regulatory changes, and comes just days after China …

Alibaba | Close sesame for China’s Internet giant
3 years, 11 months ago

Alibaba | Close sesame for China’s Internet giant

The Hindu  

Since the stunning rise of the e-commerce giant Alibaba, few people have strode China’s political and economic landscape with the swagger of Jack Ma. Speaking at a high-profile financial forum in Shanghai on the eve of the planned world record-breaking $35 billion IPO of his Ant Group — the financial arm of the Alibaba empire which is behind China’s biggest …

China steps up pressure on Alibaba with anti-monopoly probe
3 years, 11 months ago

China steps up pressure on Alibaba with anti-monopoly probe

Associated Press  

BEIJING — Chinese regulators on Thursday announced an anti-monopoly investigation of e-commerce giant Alibaba Group, stepping up the ruling Communist Party’s efforts to control fast-growing tech industries. Since early November, regulators have tightened the reins by suspending the stock market debut of an online finance platform affiliated with Alibaba and summoned industry executives to warn them against trying to suppress …

China steps up Internet sector scrutiny, fines deals involving Alibaba, Tencent
4 years ago

China steps up Internet sector scrutiny, fines deals involving Alibaba, Tencent

The Hindu  

China warned its Internet giants on Monday that it would not tolerate monopolistic practices and to brace for increased scrutiny, as it slapped fines and announced probes into deals involving Alibaba Group and Tencent Holdings. The State Administration of Market Regulation said it would fine Alibaba, Tencent-backed China Literature and Shenzhen Hive Box 500,000 yuan each, the maximum under a …

Alibaba CEO says China's draft anti-monopoly rules ‘timely and necessary’
4 years, 1 month ago

Alibaba CEO says China's draft anti-monopoly rules ‘timely and necessary’

The Hindu  

China's move to draft rules aimed at preventing monopolistic behaviour by internet platforms is “timely and necessary”, Alibaba Group CEO Daniel Zhang said on Monday. The annual event from Nov. 23-24 organised by the Cyberspace Administration of China takes place as the country's internet giants including Alibaba, Tencent Holdings and Meituan face increasing government scrutiny. Earlier this month the planned …

Alibaba CEO says China’s draft anti-monopoly rules ‘timely and necessary’
4 years, 1 month ago

Alibaba CEO says China’s draft anti-monopoly rules ‘timely and necessary’

Hindustan Times  

China’s move to draft rules aimed at preventing monopolistic behaviour by internet platforms is “timely and necessary”, Alibaba Group CEO Daniel Zhang said on Monday. Alibaba Group CEO Daniel Zhang at the World Internet Conference in Wuzhen, Zhejiang province, China, November 23, 2020. The annual event from Nov. 23-24 organised by the Cyberspace Administration of China takes place as the …

Ant march halted: What Ma’s frozen IPO says about China business
4 years, 1 month ago

Ant march halted: What Ma’s frozen IPO says about China business

Al Jazeera  

The suspension of Ant Group’s record $35bn IPO came days after co-founder Jack Ma made a speech at odds with the Chinese Communist Party’s handling of the economy. Officially, Ant Group’s $35bn IPO is on hold until it can comply with Chinese government regulations that went into effect on November 1, including fixing capital shortfalls. Chinese regulators called the company’s …

China halts Jack Ma’s world’s largest IPO by suspending his Ant Group's listing
4 years, 1 month ago

China halts Jack Ma’s world’s largest IPO by suspending his Ant Group's listing

India TV News  

Jack Ma, founder of China’s e-commerce giant Alibaba suffered a major setback on Tuesday as Shanghai and Hong Kong Stock Exchanges suspended dual listing of the shares of his world's biggest initial public offer of USD 39.7 billion of the group's subsidiary - the Ant Group, 48 hours before the highly-anticipated trading was due to start. The Shanghai Stock Exchange …

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