Reuters exclusively reports Ant IPO approval delayed

Reuters reported exclusively that China’s securities regulator is probing a potential conflict of interest in fintech giant Ant Group’s planned $35 billion stock listing, delaying approval for what could be the world’s largest IPO. The China Securities Regulatory Commission (CSRC) is looking into the role of Alipay, Ant’s flagship payment platform, as the only third-party channel through which retail investors could buy into five Chinese mutual funds investing in the IPO. Reuters sources said the probe was unlikely to derail the IPO, although it has already delayed Ant’s plans. The company had hoped to get CSRC approval last month, and it has narrowed the window for the IPO ahead of the Nov. 3 U.S. presidential election, which could fuel uncertainty for global markets.