Ant Group’s initial public offering in Shanghai and Hong Kong was meant to take place on Thursday, November 5. That has been put on hold by financial regulators.
The official reason is that Ant Group has not satisfied information disclosure requirements for the dual listing. For now, the anticipated record-smashing stock market debut has been indefinitely delayed.
The juggernaut IPO, which was meant to raise nearly USD 34.5 billion across two bourses, was to take place days ahead of the November 11 Singles’ Day sales bonanza, when Ant’s Alipay would go into overdrive to process transactions during China’s largest online retail sales festival.
But Ant Group offers more than a means to transfer funds and facilitate transactions. Its products cover loans, wealth management, and more. Here’s a look at what’s under the hood of the largest fintech company in the world.