Emblazoned on a big screen were the words: “Start from the Heart.”Ī year later, with the registration for Ant’s $35 billion IPO set to officially expire Wednesday, the optimism from that gathering has faded away. and Morgan Stanley had just watched the deal of a lifetime vaporize - along with $400 million in fees - Ant’s team had a hopeful message: Don’t lose faith. gathered its investment bankers at a Hong Kong convention center overlooking Victoria Harbour.Įven though staffers from Citigroup Inc., JPMorgan Chase & Co. The crackdown appears aimed to forcing Chinese tech giants to list their shares in China and more closely follow government oversight, while also coming at a time of continued U.S.-Chinese trade tensions.Days after China snuffed out the biggest initial public offering in history, Ant Group Co.Tal Education (NYSE: TAL), New Oriental (NYSE: EDU), Gaotu Techedu (NYSE: GOTU) all plunged more than 50% on the news. Additionally, the PBOC’s announcement on non-bank payment firm came on the same day that U.S.-listed Chinese educational firms’ stocks plummeted on word that Beijing might force them to become non-profits.(NASDAQ: BZ) reeling by ordering regulatory crackdowns following their recent U.S. shares of Chinese ride-hailing giant DiDi Global (NYSE: DIDI), trucking platform Full Truck Alliance (NYSE: YMM) and job-recruiting site Kanzhun Ltd. BABA trades in the United States, as does WeChat Pay parent Tencent Holdings ( OTCPK:TCEHY). That marked the beginning of a crackdown against Chinese Big Tech in general, and especially against firms that list overseas.However, Beijing forced Ant Group to cancel the IPO at the 11th hour after BABA founder Jack Ma made critical comments about government regulators in a public forum. For example, AliPay parent Ant Group, an affiliate of Chinese giant Alibaba (NYSE: BABA), last year planned an IPO in Hong Kong and Shanghai that would have been the largest in history, raising some $34.5B.The new rules seem aimed at limiting Chinese foreign IPOs in the non-bank payment sector, an area that’s been hot ever since PayPal (NASDAQ: PYPL) saw its shares jump 50%+ in its first trading day in 2002.
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