Key Events Behind Suspension of Ant Groups 37 Billion IPO

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Nov 4 Reuters China suspended Ant Groups record 37 billion listing just before its dual debut, sending the company scrambling to abide by new financial regulations.

Heres a timeline of key events leading up to the IPO suspension.

SEPT 14 CHINA ISSUES NEW RULES FOR FINANCIAL HOLDING FIRMS

China issues new rules to regulate financial holding companies, with the central bank saying there had been a loophole in regulations for such companies.

Ant was among companies named by Pan Gongsheng, the Peoples Bank of China vice governor.

OCT 21 ANT GETS GREEN LIGHT FROM SECURITIES REGULATOR

Ant wins the final nod from Chinas top securities watchdog to register its Shanghai initial public offering IPO, clearing the last regulatory hurdle for its issue.

OCT 24 OLD MANS CLUB

At a public event attended by Chinese regulators, Ant founder and billionaire Jack Ma said the financial and regulatory system stifled innovation and must be reformed to fuel growth. He also compared the Basel Committee of global banking regulators to an old mans club.

OCT 26 ANT WINS BACKING OF STRATEGIC INVESTORS

Ant prices its IPO and secures the backing of strategic investors including a unit of Singapore state investor Temasek Holding, as well as Singaporean and Abu Dhabi sovereign wealth funds, large Chinese insurers and mutual funds.

OCT 30 MOMANDPOP INVESTORS BID 3 TRILLION FOR SHARES

Retail investors bid for a record 3 trillion worth of shares in Ants dual listing, the equivalent of Britains…

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