Suspension of Ant Group’s IPO likely to cost investment banks US$400 million in fees

HONG KONG, Nov 9 (SCMP): The suspension of Ant Group’s debut is likely to cost a cadre of the world’s largest investment banks nearly US$400 million in fees collectively, after Chinese regulators this week called a halt to what was expected to be the world’s biggest initial public offering ever.

The dual listing in Hong Kong and Shanghai was expected to raise as much as US$39.67 billion, topping a US$29.4 billion listing by state-owned energy giant Saudi Aramco last year and a US$25 billion offering by Chinese e-commerce company Alibaba Group Holding in 2014. Ant is an affiliate of Alibaba, which also owns the South China Morning Post.