Ant Group IPO suspension (2020)
Ant Group, the fintech affiliate of Alibaba, was set to raise about $34 billion in what would have been the world's largest IPO across Shanghai and Hong Kong. Days before trading, Chinese regulators suspended the deal after founder Jack Ma criticized the financial system.
The listing was pulled at the last minute, wiping out the planned share sale.
Ant was forced to restructure under regulatory pressure and never revived the IPO at that scale.
It shows how completely Chinese authorities can control the fate of a domestic company's overseas listing, right up to the final days.
