Ant Group Co., Ltd. has just confirmed that it was notified by the relevant regulators in the PRC today that its proposed A Share listing on the STAR Market is suspended.

According to the Chinese regulators, the company may not meet listing qualifications or disclosure requirements due to material matters relating to the regulatory interview of Ant’s ultimate controller, its executive chairman and its chief executive officer by the relevant regulators and the recent changes in the Fintech regulatory environment.

Consequently, the concurrent proposed H Share listing on the Main Board of The Stock Exchange of Hong Kong Limited will also be suspended.

The announcement is made just a couple of days before the highly expected debut of Ant Group on HKEX.

Ant Group, the parent company of China’s largest digital payment platform, Alipay, estimated that the net proceeds of the H Share IPO which it will receive, assuming an Offer Price of HK$80.00 per H Share will be approximately HK$131,991 million.

Instead of thinking how to allocate the proceeds, Ant now has to consider other problems, including refunds of the application monies. The company promises that details relating to the suspension of the H Share listing and the refund of the application monies will be made as soon as possible.