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Inside the Chaotic Unraveling of Jack Ma’s $35 Billion IPO

by CBDC Insider
November 5, 2020
in Asia, Business
Reading Time: 1min read
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Inside the Chaotic Unraveling of Jack Ma’s $35 Billion IPO
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The mid-level bureaucrats left China’s richest man waiting as they prepared for a meeting that would send shockwaves across the financial world.

It was Monday morning in Beijing, and Jack Ma had been summoned to a conference room at the China Securities Regulatory Commission just days before he was set to take Ant Group Co. public in the biggest stock-market debut of all time.

When the bureaucrats finally turned up, they skipped over pleasantries and delivered an ominous message: Ant’s days of relaxed government oversight and minimal capital requirements were over. The meeting ended without a discussion of Ant’s IPO, but it was a sign that things might not go as planned.

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Read more: https://www.bloomberg.com/amp/news/articles/2020-11-05/inside-the-chaotic-unraveling-of-jack-ma-s-35-billion-ant-ipo

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