What is going on here?
Ant Group's $34.5B IPO would have been a world record but it was suspended in Shanghai and Hong Kong today.
Top executives were summoned on Monday and that meeting was cited as a reason to halt the IPO, which reportedly had at least $3 trillion in orders.
"Your company has also reported significant issues such as the changes in financial technology regulatory environment. These issues may result in your company not meeting the conditions for listing or meeting the information disclosure requirements," a statement from the Shanghai Exchange said.
The market has not taken kindly to this news. Alibaba Group owns about a third of Ant and it fell 8% in US premarket trading.
Company controller Jack Ma recent criticized domestic and global regulators for stifling innovation in financial services.
