Alibaba Drops After China Suspends IPO of Finance Affiliate Ant

(Bloomberg) — Alibaba Group Holding Ltd.’s U.S.-traded shares tumbled as much as 9.7% Tuesday after Ant Group Co., the finance affiliate also founded by Jack Ma, said its listings in both Shanghai and Hong Kong have been suspended.Ant’s listing in Shanghai was halted amid changes in the regulatory environment, according to a statement, which didn’t provide further details. With the initial public offering in Hong Kong also on hold, Ant’s $35 billion share sale is in limbo.Alibaba owns about a third of the payments company, which was expected to begin trading on both exchanges on Thursday. Its American depository receipts …read more

Source:: Yahoo Finance


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