Ant Group IPO suspended in Shanghai Stock Market as Alibaba shares slump

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Alibaba Group Holding Ltd.’s shares slid as much as 6.7% premarket after the Shanghai stock exchange said it suspended Ant Group Co.’s $35 billion listing.

Ant’s listing on the Shanghai STAR board has been halted due to the company’s inability to fulfill conditions amid changes in the regulatory environment, according to a statement.

Alibaba owns about a third of the payments company, which was expected to begin trading in Hong Kong and Shanghai on Nov. 5.