The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors concerning Ant Group. Ant Group, the Hangzhou-based company, a 2010 offshoot of e-commerce giant Alibaba, dominates China’s payments market via the Alipay app. It also runs the giant Yu’ebao money market fund and two of the country’s largest consumer lending platforms. Other businesses include a credit scoring unit and an insurance marketplace.
On or about October 26, 2020, Ant Group priced its initial public offering (“IPO”) to list its shares on the Shanghai and Hong Kong stock exchanges. The IPO was set to raise $34.5 billion.
On November 3, 2020, Ant Group’s IPO was suspended following a meeting between its controller Jack Ma, executive chairman Eric Jing, Chief Executive Officer Simon Hu and regulatory authorities in China. According to the Shanghai Stock Exchange, Ant Group had “reported significant issues such as the changes in financial technology regulatory environment,” which “may result in [the] company not meeting the conditions for listing or meeting the information disclosure requirements.”
On this news, Alibaba’s share price fell sharply during intraday trading on November 3, 2020.
Alibaba Group Holding Ltd
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