China's shock suspension of Ant Group's record US$37 billion listing in a last-minute regulatory ambush looks set to hit the financial technology giant's growth prospects and cut into its valuation.
That said, analysts and investors expect the dual Hong Kong and Shanghai listing to be delayed and not completely derailed. Ant said in a filing on Wednesday it would maintain close communication with regulatory authorities and the Hong Kong and Shanghai bourses on the progress of its IPO and listing and would disclose information in a timely manner.
"The basic message of Chinese regulators' intervention in the Ant IPO is that this de-risking agenda is still the top priority. No innovation is so important that it can be allowed to create financial instability," said Andrew Batson at Gavekal Research. Iris Tan, a senior equity analyst at Morningstar, said she thought regulators were aiming to level the playing field for fintech players and traditional financial institutions and that she expects Ant will be required to have more registered capital for its consumer credit business.
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