China’s President Xi Jinping personally made the decision to halt Alibaba Group Holdings (NYSE: BABA)-backed Ant Group’s initial public offering, touted to be the world’s largest IPO, a Wall Street Journal report claims.What Happened: Ant Group could have raised $37 billion in its dual listing in China and Hong Kong, valuing the financial services company at more than $280 billion, but Chinese regulators suspended the listing, citing tighter regulations to protect the financial interests of consumers and investors.The new regulations will force the Ant Group to rework its business model of being a bridge between borrowers and banks. If all …read more
Source:: Yahoo Finance
