China’s President Xi Jinping personally decided to stop the world’s biggest-ever IPO after Ant Group’s creator and China's second-richest man Jack Ma talked against the country’s innovation-oppressive financial management and banking system.
Ant Group was supposed to be launched on November 5. On Nov 13 Wall Street Journal informed that President Xi ordered Chinese regulators to investigate and close Ant Group’s stock market backing.
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China’s President Stopped Ant Group’s $37 B IPO