Jack Ma's Ant Group: World's biggest market debut suspended


The top of his report about really? What is our top story are most red Story number one. On the Bloomberg terminal about China, suspending the Shanghai and Hong Kong debut of Aunt groups $35 billion offering. It was supposed to be the world's biggest IPO was supposed to happen Thursday. But it's not you knew about it. Thanks to Bloomberg New Economy editorial director Andy Brown. He's written and talked About how Antz biggest obstacles maybe the Chinese government and he is with us again on the phone in New York City, and I am so glad you're here. You know this headline hit and I think for a lot of people, it was a bit shocking. But you did write about this and kind of gave us all a heads up in a column he wrote last month. Why is it though China is doing this. You know, Jack Ma has always had an uneasy, ambiguous relationship with Chinese authorities he wants with his famously quoted saying, Love the government. But don't marry them. In other words, keep your distance, and regulators have never quite known what to make of Jack Ma. On the one hand, they look at him as the big opportunity. He's clearly a disruptive He's bringing a lot of small and medium sized enterprises into the formal economy. Putting capital that way. On the other hand, there's always being the sense among regulated that he's an accident waiting to happen. They haven't been able to decide and yesterday or today, rather They did. They decided that he's too much of a risk. And they're reining him in well. And why wait, though? Kind of to the 11th hour. You know, Andy, this is obviously a company that they've been looking at for some time. Why is it You know, is it just because Thie AIPO finally said to them we've got we've got a really now look at this more closely and maybe do something about it. Well, he made me He made a terrible a terrible political mistake. It was at a conference recently in Shanghai lit into Chinese and international financial regulators basically called them all a bunch of rusty old folks holding back innovation, stunting the dreams of young people. No, not under not understand. He said that the Basel accord with an old people and old people, he said banks in China were basically had a had a pawnshop mentality and settle this at a conference where the headline of the keynote speaker with one Cheap son He's one of the most powerful man in China, formerly he was the anti corruption czar. It is also one of the godfathers of the Chinese banking system. And once she Shawn's line at that conference with completely opposite his line was we have to be cautious. Safety First and Jack Mark comes in and says, We gotta rip it all up and start again. Long Qi Sean. Obviously, his arguments have won the day. Yeah, I

Coming up next