The decision to suspend Ant Group's planned initial public offering in China was based on a comprehensive consideration about safeguarding the interests of financial consumers and investors, a senior central bank official said on Friday.
China halted the US$37 billion listing on Tuesday, thwarting the world's largest stock market debut with just days to go in a dramatic blow to the financial technology and online consumer lending firm founded by billionaire Jack Ma.The move comes amid broader efforts by Chinese policymakers to prevent systemic financial risks and curb rising debt. It has thrown the company and its investors into a tailspin and its executives are now racing to satisfy tighter regulations.
At the media briefing, Liang Tao, vice chairman of the China Banking and Insurance Regulatory Commission , echoed Liu's view.
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