In this Friday, Oct. 23, 2020 photo, the figure of Ant Group's mascot is displayed at the Ant Group office in Hong Kong. China's Ant Group will try to raise nearly $35 billion in its initial public offering in Shanghai and Hong Kong, which would make it the largest share offering in history.
The suspension followed a Monday meeting between regulators and Ant executives including founder Jack Ma, China’s richest entrepreneur. Ma also founded Alibaba Group, the world’s biggest e-commerce company by sales volume, which spun off its Alipay payments service to create the company that became Ant Group.“Views regarding the health and stability of the financial sector were exchanged,” Ant Group said in a prepared statement.
Ant operates Alipay, the world’s biggest financial technology company and, along with Tencent’s WeChat Pay, one of two dominant electronic payment systems in China. The decision to go public on exchanges in both Shanghai and Hong Kong reflected the evolving nature of China’s fast-growing financial markets and their relationship to fledgling private sector corporate giants such as Ant and Alibaba.
Ma founded Alibaba in 1999 to help link Chinese wholesalers with foreign retailers. Alipay was created to facilitate payments in an economy where few people had credit cards.Alipay was transferred in 2011 from Alibaba Group to a company controlled by Ma. That prompted complaints Ma failed to inform shareholders including Yahoo Inc. and Japan’s Softbank.
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Ant Financial owns China's largest digital payment platform, Alipay established by Alibaba Group and its founder Jack Ma. It serves over one billion users and overtook PayPal as the world's largest mobile payment platform. - File
China is on track to contribute 66% of emissions on planet earth. We need to get less stuff from them.
He borrowed money from Chinese banks at low interest rates and then distributed it to others at high interest rates. At the same time, he does not want to accept China's supervision. China is a socialist country, not a capitalist country.