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Miguel Cordon · · 1 min readReport: China probes securities regulator over Ant’s swift IPO process
“Chinese authorities are probing the speed with which Ant Group’s ill-fated listing was approved,” Bloomberg reported, citing people familiar with the matter.
Details:
- Investigators, which include officials from multiple agencies, have been pressing China’s securities regulator for several months over the matter.
- They are reportedly exploring why the fintech titan’s offering was fast-tracked and if Ant had made sufficient disclosures at the time of its filing, among other issues.
Context:
- Last year, the Shanghai Exchange suspended Ant’s IPO less than 48 hours before listing, saying the company failed to meet listing qualifications.
- Ant recently has been facing scrutiny from Chinese regulators over its alleged monopolistic practices. The company has agreed earlier this year to a restructuring plan that would turn Ant into a financial holding company.
Editing by Collin Furtado and September Grace Mahino
(And yes, we’re serious about ethics and transparency. More information here.)
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