Alibaba (NYSE:BABA), (MPNGF) – Alibaba CEO Calls China’s New Fintech Regulations ‘Timely And Necessary’ After Ant IPO Ax

Alibaba Group Holding Ltd (NYSE: BABA) CEO Daniel Zhang said that Beijing’s draft rules to prevent monopolistic behavior by China’s internet platforms are “timely and necessary,” Reuters reported Monday (Beijing time)

What Happened: Zhang, speaking at the World Internet Conference held in Wuzhen, China, said that the country’s regulations need a shakeup. 

The Chinese internet industry’s “development and government supervision is a relationship that promotes and relies on each other, so that platform enterprises cannot only develop well themselves, but also serve the sustainable and healthy development of the whole society,” the Alibaba CEO said.

The annual conference takes place on Nov. 23 and Nov. 24 and is organized by the Cyberspace Administration of China, the country’s internet watchdog and censor.   

China’s internet giants such as Tencent Holdings Limited (OTC: TCEHY), Alibaba, and Meituan (OTC: MPNGF) are reportedly under greater government scrutiny. 

Why It Matters: The draft rules, published Nov.

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Short Sellers Target Ping An’s Fintech Unit After Ant IPO Fiasco

(Bloomberg) — The headwinds that toppled Ant Group Co.’s initial public offering now threaten a $22 billion dream of China’s Ping An Insurance (Group) Co. — to pivot from a finance group to a tech giant and be valued like one.

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While Ping An’s Lufax Holding Ltd., which offers wealth management and retail lending services, was able to complete its U.S. IPO days before new Chinese rules torpedoed Ant’s $35 billion sale, the stock has given up early gains and is now a target for short sellers. Renewed threats by U.S. regulators to delist Chinese stocks also threaten Ping An’s plans to take more of its in-house startups public.

Ant’s IPO suspension “fundamentally changed near-term investment appetite” for Chinese fintech stocks, with Lufax as “the community’s No. 1 consensus short,” according to a Nov. 5 report from Procensus, which polled 84 global investors managing $15.3 trillion. Short interest

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China slams the brakes on Ant Group’s $37 billion listing

HONG KONG/NEW YORK (Reuters) – China suspended Ant Group’s $37 billion listing on Tuesday, thwarting the world’s largest stock market debut with just days to go in a dramatic blow to the financial technology firm founded by billionaire Jack Ma.

The Shanghai stock exchange said it had suspended the company’s initial public offering (IPO) on its tech-focused STAR Market, prompting Ant to also freeze the Hong Kong leg of its dual listing scheduled for Thursday.

This followed a meeting with China’s financial regulators on Monday during which Ma and his top executives were told that Ant’s lucrative online lending business would face tighter scrutiny, sources told Reuters.

The Shanghai bourse described Ant’s meeting with financial regulators as a “major event” which, along with a tougher regulatory environment, may cause Ant to be disqualified from listing.

In China, analysts interpreted the move as a slap down for Ma, who had wanted

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Analysis: Fin or tech? China’s Ant, biggest-ever IPO, says it’s a tech firm not a bank

By Yingzhi Yang, Cheng Leng and Julie Zhu

BEIJING/HONG KONG (Reuters) – China’s Ant Group <688688.SS><6688.HK>, about to make the biggest public sale of shares ever, poses a basic conundrum: what kind of company is it – a financial colossus or a tech giant?

That is important for investors before and after the initial public offering of $34.4 billion, surpassing Saudi Aramco’s record $29.4 billion float last year. Shares are expected to start trading on Thursday in Shanghai and Hong Kong.

A spinoff from billionaire Jack Ma’s Alibaba Group <9988.HK>, Ant presents itself as a technology company, while financial regulators suggest the firm remains under their purview.

The Hangzhou-based giant benefits from the far richer valuations the market affords to tech firms than to financial institutions. It hopes to escape the closer scrutiny of financial regulators, analysts say.

China’s central bank and financial regulators met on Monday with Ma and

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Fin or tech? China’s Ant, biggest-ever IPO, says it’s a tech firm not a bank

By Yingzhi Yang, Cheng Leng and Julie Zhu

BEIJING/HONG KONG (Reuters) – China’s Ant Group, about to make the biggest public sale of shares ever, poses a basic conundrum: what kind of company is it – a financial colossus or a tech giant?

That is important for investors before and after the initial public offering of $34.4 billion, surpassing Saudi Aramco’s record $29.4 billion float last year. Shares are expected to start trading on Thursday in Shanghai and Hong Kong.

A spinoff from billionaire Jack Ma’s Alibaba Group, Ant presents itself as a technology company, while financial regulators suggest the firm remains under their purview.

The Hangzhou-based giant benefits from the far richer valuations the market affords to tech firms than to financial institutions. It hopes to escape the closer scrutiny of financial regulators, analysts say.

China’s central bank and financial regulators met on Monday with Ma and top Ant

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Ant Group IPO To Rocket Alibaba Founder Jack Ma’s Wealth

Chinese tech titan Jack Ma is set to become the world’s 11th richest person after the financial arm of his e-commerce titan Alibaba raises billions in a mammoth public listing, according to the Bloomberg News.

Ant Group said Monday it plans to raise $34 billion in a listing shared between Hong Kong and Shanghai — making it the biggest IPO in history.

The e-payments behemoth, which runs China’s dominant online payment system Alipay, plans to sell 1.67 billion shares at HK$80 ($10.30) each in Hong Kong from Tuesday.

Ant Group’s split float would exceed the $29 billion chalked up by Saudi Aramco in December, a high-profile win for a Chinese company during a period of bad headlines for mainland tech firms as Beijing and Washington face off on a number of fronts.

According to Bloomberg former English teacher Ma’s 8.8 percent stake in Ant is worth $27.4 billion based on

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Ant Group IPO gets the green light from regulators for its blockbuster listing

China’s securities regulator said Wednesday that Ant has received the green light for its Shanghai public offering, and has now cleared all regulatory hurdled for a dual-listing that is expected to rake in billions.

Ant, the financial technology company affiliated with Chinese e-commerce group Alibaba (BABA), plans to list simultaneously in Hong Kong and Shanghai.

Ant will announce the IPO’s share price on October 27, according to updated regulatory filings.

The listing is expected to set a new world record, surpassing the $29.4 billion float by Saudi Aramco’s IPO last December. The IPO would also be the first simultaneous listing in Hong Kong and on Shanghai’s Star Market, China’s answer to the Nasdaq.

How Jack Ma built China&#39;s money supermarket into a $200 billion company

Ant said in its prospectus that the float will be evenly split between Hong Kong and Shanghai. The company will sell up to 1.67 billion shares on each exchange, which will account for 11%

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