MSCI Ant Group’s initial public offering was unexpectedly halted by Chinese regulators on Tuesday, just 48 hours before it was to begin. Disclaimer. Asian equities were mixed with Japan lagging, though markets were lifted on reports that US stimulus talks might be back on track. The Chinese fintech giant will price the Shanghai portion of its dual listing on Oct. 27 and allow subscriptions on Oct. 29, it said in a prospectus published on Wednesday. Mainland liquor stocks had a strong day, which lead staples higher. Most stock quote data provided by BATS. The 204 Chinese companies listed in Hong Kong were up +0.46%, led by discretionary +2.13%, staples +1.73%, materials +.1.23%, tech +1.09%, and health care +0.84%, while energy was off -1.43%, real estate -0.64%, and financials -0..49%. The Shanghai trading date has not yet been disclosed. Ant Group said on Tuesday that it would stay in "close communications" with regulators and the Shanghai exchange. "Ant is likely to adjust its IPO valuation as a result of this intervention and delay its launch date.". We help investors stay up to date on global market trends and aim to provide meaningful diversification. There was chatter that both New Orient Education (ticker EDU US) and GDS Holdings (GDS US) will be relisting in Hong Kong. Ant's parallel listings on the Hong Kong and Shanghai stock exchanges would mark the biggest float on record, beating Saudi Aramco's record-shattering $25.6 billion IPO. The rules could could mean that Ant would have to set aside more cash for the loans it facilitates and would place more credit risk on its balance sheet, according to Bernstein analyst Kevin Kwek. 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Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. In a statement on its official WeChat account, Ant Group apologized to investors for "any inconvenience caused by this development.". "We will continue to serve small and micro businesses and ordinary citizens with our passion, professionalism and commitment for society.". Northbound Stock Connect volumes were light as foreign investors sold -$166mm of Mainland stocks as Northbound trading accounted for 5.4% of Mainland turnover. Billionaire and founder of the Alibaba Group Holding Ltd. ( BABA ), Jack Ma, surely knows a secret about IPOs, as he previously shattered all records by raising $25 billion through BABA’s IPO in 2014. A simpler way to invest in Ant is to buy shares of Alibaba. We still need the Mainland/STAR Board IPO to be approved, though the approval is expected this week. Chinese fintech firm Ant Group is going public in an IPO that analysts say could raise as much as $30 billion and occur as soon as October. The documents Ant filed to the Hong Kong Stock Exchange on Tuesday … By Samuel Shen, Brenda Goh. Ant Group, the online payments arm of e-commerce giant Alibaba Group ( BABA) - Get Report, revealed plans on Monday for an … The Hang Seng managed a gain of +0.11%, though volumes were light. Breadth was even with 23 advancers and 23 decliners, while the broader Hang Seng Composite rose +0.45% with 234 advancers and 214 decliners. Opinions expressed by Forbes Contributors are their own. Autos and e-commerce lifted the consumer discretionary sector while staples also had a strong day, despite that Sun Art fell -6.03%. October 8, 2020. Real estate was off in both markets as early September sale prices looked only marginally higher at +0.34% versus estimates at +0.5%. The move comes after the People's Bank of China and three other financial regulators summoned Ma and two Ant Group executives for. The world's largest IPO to date, that of oil giant Saudi Aramco, raised $25.6 billion in its late-2019 listing, narrowly beating Alibaba's $25 billion 2014 debut. We also had news that China’s Uber In addition to contributing to Forbes, I am often interviewed on and quoted in Bloomberg, CNBC and The Wall Street Journal on matters surrounding Chinese markets. This is the first time that Chinese regulators have taken such drastic actions on the eve of a large IPO, senior geotechnology analyst at Eurasia Group Xiaomeng Lu told CNN Business. UBER The whole world is anxiously waiting for the Ant Group’s IPO in China, which could potentially be the world’s largest ever IPO in history. The Hong Kong leg of the IPO is being sponsored by China International Capital Corp (CICC) 3908.HK, Citigroup Inc C.N, JPMorgan Chase & Co JPM.N and Morgan Stanley MS.N. Original: Jul 20, 2020. Ant Group's IPO could come as soon as October, according to Bloomberg. No regulator anywhere wants to be irrelevant," he said. Ant Group, the Chinese payments giant, will float … … As a pioneer within the ETF industry I experienced the surge. Our suite of China focused ETFs provide investors with solutions to capture China's importance as an essential element of a well-designed investment portfolio. Ant Group’s IPO could be the world’s largest, according to Reuters, “surpassing the record set by oil giant Saudi Aramco’s $29.4 billion float last December.” Ant “looks to increase its offering size to $35 billion from up to $30 billion, targeting a valuation of about $250 billion or more,” says Reuters. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. London (CNN Business)Ant Group's highly anticipated IPO has been suspended following a meeting between the company's billionaire co-founder Jack Ma and regulators in China, an abrupt move that threatens what was due to be the largest share sale in history. Ant is seeking a more-than $200 billion valuation in the IPO, The Wall Street Journal previously reported. A few weeks back we noted HSBC’s target of 6.50 which is looking increasingly likely. I continue to go through the Ant Group filing and I … © 2020 Forbes Media LLC. The Hang Seng managed a gain +0.11%/27 index points to close at 24,569 as volume dropped -19% to back below the 1-year average. You may opt-out by. Ant Group will now proceed with a roadshow to market the IPO to investors and will price the shares on Oct. 27. I continue to go through the Ant Group filing and I will report my key takeaways on Monday. By Thomas Yeung, CFA, InvestorPlace Markets Analyst Oct 5, 2020, 5:16 am EST. Volumes were light in both markets as investors sit on their hands and cash due to the US election and Ant IPO coming. How China's Ant Group built a $17 trillion payments machine, See Walmart's self-driving delivery trucks in action, This robotaxi from Amazon's Zoox has no reverse function, Watch: Airbnb founder stunned on live TV by stock price, Hear Ashton Kutcher's plea to lawmakers on proposed child abuse legislation, These Trump supporters say big tech is biased. That number has only been surpassed by Saudi Aramco, which raised $29.4 billion in its Riyadh IPO in December 2019. The company will start the IPO roadshow on … Ant Group, formerly known as Ant Financial and Alipay, is an affiliate company of the Chinese Alibaba Group. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. Here's why they're on Parler, Watch this 'infinite' music video of Billie Eilish's 'Bad Guy', Here's how Prop 22 could transform the gig economy, Watch astronauts arrive at International Space Station, See Apple's new Macbooks with the M1 chip, Watch: People travel in Virgin Hyperloop for the first time, An online movement has these Trump supporters convinced the election was stolen, Disney's new robot has a creepily human gaze, Ant Group's Jack Ma called in to talk to Chinese regulators ahead of IPO, Shanghai could be the world's biggest IPO market this year. Morningstar: Copyright 2018 Morningstar, Inc. All Rights Reserved. I am the CIO of KraneShares, a China-focused ETF provider. The 517 Mainland stocks within the MSCI Factset: FactSet Research Systems Inc.2018. Interest in EVs continues as supportive policies are lifting the sector while car sales continues to rebound. Publishing date: Oct 30, 2020 • • 3 minute read. The debate and the Giants/Eagles game were distractions last night. To date international banks have had very little involvement in China's onshore IPO … slayer Didi Chuxing is considering a 2021 IPO. The big news was the green light for Ant Group’s Hong Kong IPO from the local regulators as speculation on the listing date is either the first or second week of November. Southbound Connect volumes were light as Mainland investors bought $147mm of Hong Kong stocks as Southbound trading accounted for 10.1% of Hong Kong turnover. Consider that the biggest IPO to date was Saudi Aramco, which raised $29.4 billion. Ant Group is the world’s highest-valued FinTech company, and most valuable unicorn company, with a valuation of US$150 billion. Ant’s IPO is gearing up to be larger than that of Saudi Aramco, which brought in more than $25 billion in the biggest IPO to date. Remember that China hasn’t cut interest rates unlike many EM countries or like Japan and Europe’s negative interest rates. On Monday, the China Banking and Insurance Regulatory Commission — one of the regulators that summoned the Ant executives — proposed new rules for online lenders. Billionaire Jack Ma’s Ant Group is poised to pull off what could be the biggest initial public offering ever by simultaneously listing in Hong Kong and Shanghai. The dual listing was set to raise $37 billion, making it the biggest share sale in history by a wide margin. Tax payments are due in China, leading to speculation that the PBOC will add liquidity to the banking system to offset the cash drain. I am the Chief Investment Officer of KraneShares, a China-focused provider of exchange-traded funds (ETFs). Hong Kong stockbrokers are so confident Ant Group’s blockbuster IPO will go smoothly that they’re offering to let mom-and-pop investors buy the stock with as much as 20 times leverage. Not long ago, the initial public offering (IPO) for Alibaba-backed financial services company Ant Group was expected to be the world’s biggest IPO. Article content. Shanghai & Shenzhen gained +0.47% and +1.33% to close at 3,328 and 2,279 respectively as volume declined -10% back below the 1-year average. I suppose this is not that surprising. Financials were weak in both markets, while growth stocks outperformed as Shanghai and Shenzhen gained +0.47% and +1.33% respectively. "Jack Ma's aggressive comments last weekend exacerbate the brewing conflict between large Chinese tech companies and powerful regulators," Lu said in emailed comments. As a pioneer within the ETF industry I experienced the surge in popularity of ETFs firsthand, helping an industry-leading global ETF provider grow AUM from a few million to over $1.5 trillion. (Ant didn’t disclose its listing date or how much it … The big news was the green light for Ant Group’s Hong Kong IPO from the local regulators as speculation on the listing date is either the first or second week of November. All rights reserved. Duncan Clark, the author of "Alibaba: The House that Jack Ma Built" and chairman of investment advisory firm BDA China, said before the IPO was halted that Chinese regulators "want to put out statements that they're the ones in charge, the ones in control. Ant Group has also retained various U.S. Wall Street firms to lead the offering. "We will overcome the challenges and live up to the trust on the principles of: stable innovation; embrace of regulation; service to the real economy; and win-win cooperation," the company said in its statement. Breadth was positive with 2,358 advancers and 1,264 decliners as mid and small caps outperformed large caps. Krane Funds Advisors, LLC is the investment manager for KraneShares ETFs. When is the Ant Financial IPO date? The IPO has also been suspended in Hong Kong, according to a statement from Ant Group, which referenced the meeting between Ma and Chinese officials as well as "recent changes" in regulations. Invest in Alibaba. HONG KONG — Retail investors placed bids for a record $3 trillion of shares in Ant Group Co Ltd’s initial public offering (IPO), set to be the world’s biggest, as mom-and-pop savers bet on demand for its financial services in China. In September, China's ruling Communist Party published an. Krane Funds Advisors, LLC is majority owned by China International Capital Corporation (CICC). NINGBO, CHINA - OCTOBER 2, 2020 - Drum Tower Bell Tower in the evening, Ningbo city, Zhejiang ... [+] Province, China, Oct 2, 2020.- PHOTOGRAPH BY Costfoto / Barcroft Studios / Future Publishing (Photo credit should read Costfoto/Barcroft Media via Getty Images). CNY has gained 6.76% since May 27th, a high of 7.16 closing today at 6.68. All rights reserved. We’ve noted that Shanghai and Shenzhen have been in a range since July. Ant Group IPO date is a moving target as some say next Friday while a Mainland broker said Friday, November 6 th. Giants were up by 11 with five minutes left so I flipped to the debate. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Alibaba, which currently owns a third of Ant Group, will subscribe to 730 million shares and will hold a stake of about 32 percent after the IPO. Trading in Hong Kong is expected to begin on November 5. A spokesman for bourse operator Hong Kong Exchanges and Clearing declined to comment on Ant’s hearing date. Jack … Ant Group's highly anticipated IPO has been suspended following a meeting between the company's billionaire co-founder Jack Ma and regulators in … All content of the Dow Jones branded indices Copyright S&P Dow Jones Indices LLC 2018 and/or its affiliates. Still, such a dramatic move so close to the listing date is surprising because it could damage Beijing's drive to develop its capital markets, he added. It will be interesting if the Five-Year Plan policy meetings provide the catalyst to punch through. Ant Group IPO pricing 'history's largest', says Alibaba's Jack Ma. I am the Chief Investment Officer of KraneShares, a China-focused provider of exchange-traded funds (ETFs). While it's not yet clear exactly why the Ant Group IPO was suspended, it could be an attempt by Beijing to remind Ma "who calls the shots," Clark told CNN Business on Tuesday. All Rights Reserved, This is a BETA experience. Holding the title will be tough. 3 Min Read. As a result, Hong Kong’s volume leaders were Alibaba Hong Kong, which gained +0.74%, followed by Tencent, which gained +0.53%, Meituan Dianping, which rose +0.7%, Ping An Insurance, which rose +0.36%, China Construction Bank, which was off -1.06%, Xiaomi, which was flat at 0.0%, and Electric Vehicle (EV) bus maker BYD, which gained +8.96%. All times are ET. China All Shares Index rose +1.04%, led by staples +2.47%, discretionary +2.3%, communication +1.36%, industrials +1.29%, tech +1.1%, health care +1.1%, and utilities +0.51%, while real estate was off -0.36%, and financials -0.14%. Leveraging my experience working in capital markets, voracious appetite for global financial news and a touch of humor, I aim to provide readers with an informative daily roundup of key headlines and data from China’s financial markets. Ant Group IPO date is a moving target as some say next Friday while a Mainland broker said Friday, November 6 th. By Hanna Ziady and Sherisse Pham, CNN Business, Updated 1651 GMT (0051 HKT) November 3, 2020. We strive to provide innovative, first to market strategies that have been developed based on our strong partnerships and our deep knowledge of investing. Alibaba previously held … A Mainland media source is saying that the dual listing in Hong Kong and the Mainland’s STAR Board will be on November 6th, though in speaking with a Hong Kong trader last night, he felt the 2nd week of November was more likely. Ant is affiliated with e-commerce giant Alibaba , which raised a record $25 billion when it debuted on Wall Street in 2014 — still the world's second largest IPO to date. Ant Group is expected to release the pricing of its shares by Oct. 27. Ant … Trading is expected to begin Nov. 5. However, the company hasn't picked a firm date for its public listing. Uber slayer Didi Chuxing is considering a 2021 IPO ant … ant will! 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