• Chinese President Xi Jinping has personally blocked the group’s historic $ 37 billion IPO, according to the Wall Street Journal, after employer Jack Ma criticized government leaders.
• A week before Chinese Fintech went public, the report said, Mao made inflammatory comments that did not go well with the president or other government officials.
• Shi has increasingly shown the low tolerance of large private businesses that amass wealth and power by threatening the power of the Communist Party, the WSJ said.
• It is not clear whether Shi or another government official was the first to recommend the suspension of the IPO.
• Visit Business Insider’s homepage for more stories.

Chinese President Xi Jinping has privately blocked the Ant Group’s record-breaking IPO after founder Jack Ma cheated government leaders. The Wall Street Journal Announced Thursday.

It was said that this is the general list of Chinese fintech The biggest in history, But the new credit rules introduced by China have finally thrown a dent in the financial authorities in its plans Paused the offering.

Shi is not a huge fan of the rise of big private businesses that have amassed wealth and power in the country because he is seen as a challenge to his power, the Journal reported.

A week before the ant went public, Jack Ma Moaned publicly At a Shanghai conference on October 24, he said China’s regulatory banking rules do not apply to healthy inventions.

“Success does not have to come from me,” Mao was quoted as saying, adding that he wanted to help solve China’s financial problems through innovation. Government officials did not take his comments lightly, thinking they would damage the reputation of the president and the regulators, the journal said, citing sources.

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Ma criticized the regulators for enforcing the set of international banking rules as an “old man club”.

WSJ sources said the president and other government officials were outraged by the comments after reading reports about the Alibaba founder’s speech. At Xi’s instruction, Chinese regulators explored the ant offering, which led to the culmination of the November 3 IPO suspension.

Fintech was already safe $ 3 trillion orders On its dual lists in Hong Kong and Shanghai from individual investors around the world.

It is not clear whether Shi or another government official was the first to recommend the IPO suspension, the WSJ said.

The ant team did not immediately respond to Business Insider’s comments.

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