The Chinese central bank and three other regulators including China’s Securities Regulatory Commission interviewed Ant Group executives about the company’s initial public offering, which is set to be the world’s largest IPO when shares begin trading this Thursday. The company’s co-founder Jack Ma, chairman Eric Jing and chief executive officer Simon Hu attended the “supervisory meeting”—a company spokesperson said that Ant Group will “implement the meeting opinions in depth,” although it is still unclear what exactly the meeting was about. (Financial Times)
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The Chinese central bank and three other regulators including China’s Securities Regulatory Commission interviewed Ant Group executives about the company’s initial public offering, which is set to be the world’s largest IPO when shares begin trading this Thursday. The company’s co-founder Jack Ma, chairman Eric Jing and chief executive officer Simon Hu attended the “supervisory meeting”—a company spokesperson said that Ant Group will “implement the meeting opinions in depth,” although it is still unclear what exactly the meeting was about. (Financial Times)
Talking point: The meeting with regulators comes just a week after Ma publicly criticized China’s financial system, saying it relied too much on big state-owned banks for lending, and should instead depend more on smaller players. Ant is itself a major competitor to the big banks. More than 730 million people use Ant’s Alipay app monthly, and it could become the world’s largest fintech company by market cap after Thursday’s US$37-billion public debut.
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