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Ant Group’s shock IPO suspension hammers Alibaba shares

China’s shock decision to suspend the Ant Group IPO hammered shares of Jack Ma’s Alibaba group.

SHANGHAI: China’s shock, last–minute decision to suspend the record-breaking IPO of fintech giant Ant Group hammered shares of founder Jack Ma’s e-commerce titan Alibaba on Wednesday and left investors reeling.

Shanghai’s stock exchange announced the suspension late on Tuesday, less than 48 hours before shares were to begin trading and one day after Ma was summoned by regulators amid growing official pushback against the company.

The Shanghai exchange cited “major issues such as changes in the fintech supervisory environment” that it said raised concerns over whether Ant Group could now meet listing requirements.

Hong Kong’s exchange, where Ant Group shares also were to be listed, said the issue would be…

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