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CSRC Spokesman commented on Ant Group's Listing Suspension
04-11-2020

Reporters: On 3 November, the Shanghai Stock Exchange (SSE) published the Decision to Suspend the Listing of Ant Group Co., Ltd. on the STAR Market. On the same day, Ant Group announced the suspension of its listing on the Hong Kong Stock Exchange. What is the CSRC’s attitude towards this matter?

 

The CSRC’s spokesman: The SSE’s decision to suspend Ant Group’s listing on the STAR Market was made in accordance with applicable laws and regulations. The recent regulatory interview with Ant Group by relevant regulators and changes in the regulatory environment of fintech businesses may have a material impact on Ant Group’s business structure and profit model, which constitutes material issues at pre-listing stage. Sticking to the principles of protecting the legitimate rights of investors, ensuring comprehensive, transparent, and accurate information disclosure, and safeguarding the integrity of the market, the SSE decided to suspend the listing pursuant to relevant regulations for the registration-based IPO regime. The CSRC supports this decision made by the SSE according to laws and regulations. In the meantime, we have been communicating and collaborating with the Securities and Futures Commission of Hong Kong and securities regulators in major overseas markets to jointly handle the follow-up work in a proper manner.
Avoiding a hasty listing against significant change in regulatory environment is in line with the responsibilities of market regulators towards investors and markets, and demonstrates reverence for the market and the rule of law. It is our belief that, in the long run, this decision will certainly enhance sound development of China’s capital markets, and build stronger trust and confidence of domestic and overseas investors in them.



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