The world watched in disbelief as Jack Ma-controlled Ant group's initial public offering's march was halted by the Chinese government in its tracks. -File Photo
Chinese President Xi Jinping personally made the decision to halt the initial public offering of Ant Group, which would have been the world's biggest, after controlling shareholder Jack Ma infuriated government leaders, according to Chinese officials with knowledge of the matter.
The rebuke was the culmination of years of tense relations between China's most celebrated entrepreneur and a government uneasy about his influence and the rapid growth of the digital-payments behemoth he controlled.
President Xi ordered Chinese regulators to investigate and effectively shut down Ant's stock market flotation, the report said.
Ant Group did not immediately respond to Reuters request for comment. The Information Office of the State Council, China's cabinet, could not be reached immediately for comment.
Ma had told a summit in Shanghai on October 24 that the regulatory system was stifling innovation and must be reformed to fuel growth. Earlier this month, Reuters reported the speech set off a chain of events that torpedoed the listing of Ant.
Soon after Ma's scathing speech, state regulators started compiling reports including one on how Ant had used digital financial products like Huabei, a virtual credit card service, to encourage poor and young people to build up debt.
The general office of the State Council compiled a report on public sentiment about Ma's speech and submitted it to senior leaders including President Xi, Reuters had reported.
--- Reuters
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