As Ant Group was preparing for its IPO in Shanghai and Hong Kong, its complex multi-layered equity structure and the hidden shareholdings of red-aristocracy bloodlines, such as the families of Jiang Zemin and Jia Qinglin, were exposed, leading to the suspension of its listing plan.
On November 3, 2020, following Jack Ma's Bund speech criticizing financial regulation, the Shanghai Stock Exchange announced the suspension of Ant Group's A-share listing just two days before it was scheduled to go public. The Hong Kong Stock Exchange followed suit immediately, halting the world's largest IPO.
The Shanghai Stock Exchange suddenly announced the suspension of Ant Group's listing process on the STAR Market, even though the project had already entered its final stage.