Among questions being explored by the probe are why Ant’s IPO was fast-tracked, if the company made sufficient disclosures and whether it received preferential treatment in the allocation of its stock code, they said. Chinese leaders are also concerned that Ant’s IPO stood to benefit a swathe of well-connected individuals and institutions, including state funds such as sovereign wealth fund China Investment Corp and insurer China Life Insurance Co., the Wall Street Journal reported. The securities regulator, Shanghai stock exchange and local government, CIC and China Life didn’t immediately respond to requests for comment. In the run up to the IPO, Ant seemed particularly fond of the number eight, which is often associated with wealth in China. One fallout from the probe has been a tightening of listing requirements at Shanghai’s STAR Market to ensure that only companies whose main business is technology are traded there, according to the Wall Street Journal.

Source: The Star April 28, 2021 08:15 UTC