Alibaba’s U.S. stocks dived pre-market and fell more than 9% at one time

On November 3, the Shanghai Stock Exchange’s official website released the decision”.

Affected by this news, Alibaba US stocks plunged before the market, falling more than 9% at one point. Alibaba’s earlier announcement showed that after the issuance of Ant Group, the company’s shareholding ratio is expected to be about 31.8% or 31.2%.

The Shanghai Stock Exchange stated that Ant Group originally applied for listing on the SSE Science and Technology Innovation Board on November 5, 2020. Recently, the actual controller, chairman and general manager of Ant Group were jointly conducted supervision interviews by relevant departments. Ant Group also reported changes in the financial technology regulatory environment and other major issues. This material event may cause Ant Group to fail to meet the issuance and listing conditions or information disclosure requirements.

According to Article 26 of the “Administrative Measures for the Registration of Initial Public Offerings on the Science and Technology Innovation Board” and “Shanghai Stock Exchange Stock Issuance and Listing Auditing Rules” Article 60 and so on, and consult the opinions of sponsors, the Shanghai Stock Exchange decided to suspend the listing of Ant Group. Shanghai Stock Exchange TableIt is stated that Ant Group and the sponsor shall make an announcement in accordance with the regulations, explaining the relevant situation of major issues and the suspension of listing of Ant Group. The Shanghai Stock Exchange will maintain communication with Ant Group and the sponsor.

Subsequently, the Hong Kong Stock Exchange issued an announcement stating that it would postpone the listing of Ant Group’s H shares and stated that it would announce as soon as possible about the suspension of the listing of H shares by Ant Group and the refund of application funds. Further details.

As for Ant Group’s suspension of listing, a large fund investor said that although Ant Group postponed its listing, the market had no expectations. However, analyzing the reasons may be related to the strengthening of supervision by large Internet companies engaged in financial business. If Internet financial supervision is greatly strengthened, listing at this time will increase the difficulty of subsequent strict supervision of financial technology. In addition, if strict supervision of fintech companies continues to be strengthened, the market revaluates fintech companies and their share prices continue to fall, many people will be “locked”. From the perspective of small and medium-sized investors protection, it may be better to suspend listing and avoid After listing, the situation has been falling and locked up.

On November 2, official news from the China Securities Regulatory Commission showed that the People’s Bank of China, China Banking and Insurance Regulatory Commission, China Securities Regulatory Commission, and State Administration of Foreign Exchange Controller Jack Ma, Chairman Jing Xiandong, and President Hu Xiaoming conducted supervisory interviews.

The Ant Group responded the next day that it would implement the interview opinions in depth.

Going back, Jack Ma made controversial remarks such as “Bank Pawnshop Thought” and “Basel Accord for Senior Citizen Club” at the Bund Financial Summit.

On November 2, the China Banking and Insurance Regulatory Commission hosted an (expanded) meeting of the Party Committee and pointed out that efforts should be made to improve the modern financial supervision system, to fully incorporate financial activities into supervision in accordance with the law, and to treat similar businesses and subjects equally.

On the same day, at the Hong Kong Fintech Week “The Role of the Central Bank in the Digital Economy” theme meeting, People’s Bank of China Governor Yi Gang discussed the competition between large technology companies and traditional commercial banks, new trends in the financial industry, and consumer privacy protection. Issue a point of view.

Yi Gang mentioned that big technology companies have significantly improved the level of financial services, especially in remote areas where the demand for services has improved, which was unimaginable before. The popularization of technologies such as mobile payment and QR codes has changed Rules of the game.