HKEX CEO was ‘disappointed’ by suspension of Ant Group IPO, but relieved to see regulation

Charles Li, chief executive of Hong Kong’s HKEX, said he was “disappointed” by the Ant IPO suspension. In a dramatic move, Chinese regulators put the brakes on Ant’s share debut just days before the company was set to start trading on Nov. 5 in Shanghai and Hong Kong, citing “major issues” with the listing.
Bitcoin Cash News Team

Bitcoin Cash News Team

Charles Li, chief executive of Hong Kong Exchange and Clearing (HKEX) was “disappointed” to see the suspension of Ant Group’s $37 billion initial public offering, he told CNBC on Wednesday.

In a dramatic move, Chinese regulators put the brakes on Ant’s share debut just days before the company was set to start trading on Nov. 5 in Shanghai and Hong Kong, citing “major issues” with the listing.

“When you see a large, record-breaking transaction like that suspended, you do have strong mixed feelings,” Li said.

“On one hand, I was very much disappointed to see the transaction get postponed and suspended the very last minute,” he said. “But on the other hand, I’m also quite relieved in the sense that new regulations are going to come out and become defining regulatory changes into the landscape.”

“When you see a large, record-breaking transaction like that suspended, you do have strong mixed feelings,”

Ant Group, the fintech affiliate of Alibaba backed by Jack Ma, runs Alipay, which is one of China’s most popular mobile payment systems.

Li spoke to CNBC’s Emily Tan as part of the annual East Tech West conference, which is being held this year both remotely and on the ground in the Nansha district of Guangzhou, China.

 

Market swings likely to continue

Rather than rushing into the listing with an uncertain backdrop and potential market turbulence, Li said it was better to “let the regulatory situation settle down and have clarity return so we can go at it again.”

Li, who is stepping down from the HKEX at the end of this year, remained confident that the setback will not deter Ant from returning to the market soon.

Ant Group, the fintech affiliate of Alibaba backed by Jack Ma, runs Alipay, which is one of China’s most popular mobile payment systems.

Li spoke to CNBC’s Emily Tan as part of the annual East Tech West conference, which is being held this year both remotely and on the ground in the Nansha district of Guangzhou, China.

Market swings likely to continue

Rather than rushing into the listing with an uncertain backdrop and potential market turbulence, Li said it was better to “let the regulatory situation settle down and have clarity return so we can go at it again.”

Li, who is stepping down from the HKEX at the end of this year, remained confident that the setback will not deter Ant from returning to the market soon.

“I can’t speak for the company and I shouldn’t be commenting on specific communications either. But we’re maintaining a strong dialogue on very important transactions like this. I have no doubt in my mind that that a big company like that will soon return to the market,” he said, declining to give a timeframe.

Global markets are seeing huge swings due to Covid-19 as well as a new U.S. presidential administration under Joe Biden to take office in January, and Li expects that turbulence to “continue for a while” longer.

Asked what he will do after his departure from the HKEX, he said: “I have a clear idea what to do. I can’t embark on it until I have formally handed over to the next new leader. But it won’t be too far from what I’m good at.”

Bitcoin Cash News

  • Bitcoin
  • Cardano
  • Bitcoin cash
Scan to Donate Bitcoin to 1HmLZcBAQhH8MJZe1sQiJfy6QhKwVmjjGU

Support Our Work Donating Bitcoin to Our Address

Scan the QR code or copy the address below into your wallet to send some Bitcoin

Tag/Note:- Donation BCHNews
Scan to Donate Cardano to DdzFFzCqrhssmffy9CTHFSTBZGiAs7tR3CGWLT6w6THMQuNfLBs18QSAxSJfndYxPxrLnK82uvAu6C95L3VXf9tHiTgNt3j16JuFTR2c

Support Our Work Donating Cardano to Our Address

Scan the QR code or copy the address below into your wallet to send some Cardano

Tag/Note:- Donation BCHNews
Scan to Donate Bitcoin cash to bitcoincash:qpykde4kf8j86fxejpm2tjypa9tedcr76umn5q9t2r

Support Our Work Donating Bitcoin cash to Our Address

Scan the QR code or copy the address below into your wallet to send some Bitcoin cash

Tag/Note:- Donation BCH News

Share Article:

Share on facebook
Share on twitter
Share on pinterest
Share on linkedin
Share on telegram
Share on reddit
Share on whatsapp
Share on email

Share:

Share on facebook
Share on twitter
Share on pinterest
Share on linkedin
Share on telegram
Share on reddit
Share on whatsapp
Share on email
Subscribe to our Newsletter
We respect your privacy.