China has forced billionaire Jack Ma to suspend a £26billion stock market launch for Ant Group as Beijing tries to maintain its grip on the financial tech sector. Ant Group's Alipay platform has helped revolutionise commerce and personal finance in China, with consumers using the smartphone app to pay for everything from meals to groceries and travel tickets. China has forced billionaire Jack Ma (pictured) to suspend a £26billion stock market launch for Ant Group as Beijing tries to maintain its grip on the financial tech sectorThe Shanghai stock exchange issued the surprise order due to 'major issues such as changes in the financial tech supervisory environment', the exchange said in a separate statement. The suspension comes after co-founder Jack Ma, Ant Group chairman Eric Jing, and chief executive Simon Hu were summoned to an unusual meeting with regulators on Monday. It also follows new state regulations issued to contain potential risks in China's growing online lending industry, a sector Ant Group has aggressively moved into.

Source: Daily Mail November 03, 2020 17:34 UTC