Ant Group, an unconsolidated related party of Alibaba Group Holding (BABA), announced that it was notified by the relevant regulators in the People's Republic of China today that its proposed share listing on the Shanghai Stock Exchange STAR board is suspended, Alibaba disclosed in a regulatory filing. Ant Group was told it "may not meet listing qualifications or disclosure requirements due to material matters relating to the regulatory interview of its ultimate controller, executive chairman, and chief executive officer by the relevant regulators and the recent changes in the Fintech regulatory environment."
Consequently, Ant Group's concurrent proposed H share listing on the Main Board of The Stock Exchange of Hong Kong Limited is also suspended, Alibaba noted. Alibaba shares are down 7%, or $21.97, to $288.76 in morning trading. Alibaba owns about one-third of Ant Group, according to Bloomberg.
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