The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.


All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.

Counting the cost of Ant’s torpedoed IPO

Ant-worried-getty-960.png

Nobody had more to lose from the suspension of the Ant float than the bookrunners, in particular the joint sponsors. They had closed books on a record deal that looked good not just for them and Ant but for the Greater China capital markets. There are many questions about what happens next: how should Ant be reshaped to revive the listing and who should share the blame for not responding to shifting regulatory sands?

Will nobody think of the underwriters?

Amid the fallout from the halted Ant Group IPO there have been many constituencies to consider: Ant founder Jack Ma; the Ant Group staff; the regulators and the Chinese Communist Party; the stock exchanges in Shanghai and Hong Kong; and the baffled would-be investors, local and international, retail and institutional.

But nobody is more nonplussed than the bookrunners, who perhaps had more to lose than anyone from all this.

The banks were looking forward to being part of a landmark; not just the biggest-ever IPO but a symbol of China and Asia rising in world markets, where record-breaking sums could be raised without troubling a US or European exchange.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

Tags

Chris Wright is Asia editor. He covers the Asia Pacific region and is based in Singapore. He has previously been Middle East editor of Euromoney, editor of Asiamoney, investment editor of the Australian Financial Review and a correspondent on emerging markets and sovereign wealth for numerous publications worldwide. He has also written two books.
We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree