China's shocking decision to halt Ant Group Co.'s initial public offering is reverberating across financial markets, sending Hong Kong shares lower and raising questions about the future of Jack Ma's fintech juggernaut.
Here are the latest developments on the 11th-hour scrapping of what was poised to be the world's biggest IPO, worth $34.5 billion:
Hong Kong Exchange Shares Fall After Ant IPO Is Pulled. It's a blow to the Hong Kong bourse, which was expecting the IPO to boost share sales to a decade high.
China Tells Ant It Can't Go Public Until Capital Shortfall Fixed. The company will have to boost capital and reapply for national licenses before the sale can go ahead.
Jack Ma's Wealth Drops $3 Billion After Ant Group IPO Freeze. The plunge in Alibaba Group Holding Ltd., which owns a third of Ant, has reduced Ma's fortune.
Bankers Reel as Ant IPO Collapse Threatens $400 Million Payday. Banks such as Citigroup Inc. and Morgan Stanley were poised for a massive windfall.
Ant's IPO Suspension Shows It's Too Big to Fail Now: China Today. For China, safeguarding the financial system takes precedence over Ma's IPO plans.
Chart: Ant was set for a record IPO, topping Saudi Aramco's deal in 2019 and Alibaba's own listing in 2014: