Reaction in the financial market was swift. Ma’s Alibaba Group Holding Ltd, which owns a third of Ant, plunged 7.1% in Hong Kong, after falling by the most in almost six years in New York. The sell-off reduced Ma’s (pic) fortune by almost US$3bil. Hong Kong Exchanges & Clearing Ltd, owner of the city’s bourse, dropped 2.2%.
HONG KONG: It was heralded as China’s answer to JPMorgan – a homegrown financial giant on the cusp of the biggest stock-market debut the world has ever seen.
Instead, with billions on the line and an initial public offering all but sealed, Chinese authorities have abruptly thrown into doubt the future of Ant Group Co and its celebrated founder, the billionaire Jack Ma.
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