Alibaba Drops After China Suspends IPO of Finance Affiliate Ant
- Regulators put the brakes on Ant’s $35 billion share sale
- Alibaba dives as much as 9.7%, most intraday since March 16
This article is for subscribers only.
Alibaba Group Holding Ltd.’s U.S.-traded shares tumbled as much as 9.7% Tuesday after Ant Group Co., the finance affiliate also founded by Jack Ma, said its listings in both Shanghai and Hong Kong have been suspended.
Ant’s listing in Shanghai was halted amid changes in the regulatory environment, according to a statement, which didn’t provide further details. With the initial public offering in Hong Kong also on hold, Ant’s $35 billion share sale is in limbo.