The company was co-founded by Jack Ma, as was e-commerce giant Alibaba Group\n \n . The combined loss of market capitalization for Ant and Alibaba totals some $877 billion, according to a CNN calculation based on peak share prices recorded in late October 2020, around the time the entrepreneur blasted Chinese financial regulators and banks in a landmark speech.
The dual listing, poised to raise $34.4 billion, was set to become the biggest share sale in history, shattering a previous record set by Saudi Aramco. But everything changed after Ma spoke at the Bund Financial Summit in Shanghai, where he criticized international financial regulations for stifling innovation and said their approach was not right for the Chinese economy. China didn’t have a healthy financial system, he added.