The writing was on the wall, but what changes has fintech company Ant Group’s recent IPO suspension sped along for the online microfinance industry? Zaobao correspondent Chen Jing takes a closer look.
Jack Ma’s fintech company Ant Group had it all planned out. It would bypass American stock exchanges and proceed with a dual listing on the Hong Kong Stock Exchange and Shanghai’s STAR market, which would have raised an estimated US$34.5 billion, the biggest IPO in history. Now that the IPO has been suspended, what happens next?