The suspension comes after a Monday meeting between regulators and company executives, including Ant founder Jack Ma, China’s richest entrepreneur.
The market debut of Ant, spun off from Ma’s e-commerce company Alibaba Group, highlighted the rebound of China, the first major economy to return to growth after the coronavirus pandemic began last December.
Ant operates Alipay, the world’s biggest financial technology company and, along with Tencent’s WeChat Pay, one of two dominant electronic payment systems in China.
In a joint statement, the Chinese central bank, securities regulator and other agencies said Monday they had “regulatory interviews” with Ma, Ant Group chairman Eric Jing and president Hu Xiaoming.
Neither side disclosed details of the meeting.
“Views regarding the health and stability of the financial sector were exchanged,” Ant Group said in a prepared statement. The company said it was “committed to implementing the meeting opinions” but gave no details of what instructions the executives received.
“We will continue to improve our capabilities to provide inclusive services and promote economic development to improve the lives of ordinary citizens,” the company said.
Ma founded e-commerce giant Alibaba in 1999 to help match Chinese wholesalers with foreign retailers. Alipay was created to facilitate payments in an economy where few people had credit cards.
Alibaba owns a third of Ant Group and spun off Alipay in 2011. The company was later rebranded as Ant as the company branched into lending and other financial services.
Ant Group’s shares were due to begin trade in Hong Kong and Shanghai on Thursday after it raised at least USD 34.5 billion. Retail investors in Shanghai placed bids for nearly USD 3 trillion worth of shares.
The company has come under increased scrutiny and tighter regulation as it expanded the range of financial technology services it offers. Among the new regulations are caps on the use of asset-backed securities to fund consumer loans, new capital and licensing requirements and caps on lending rates.
On Monday, the central bank raised the registered capital requirement for lenders such as Ant to a minimum of 5 billion yuan (USD 747 million).