The Chinese government is reportedly investigating the speedy path to approval for fintech giant Ant Group's(NYSE:BABA) planned IPO dual listing latelast year.
Wall Street Journal sourcessay the ongoing probe is looking into the regulators who approved the listing, local officials who promoted the listing, and the large state firms that would financially benefit from the offering.
The government pulled Ant Group's blockbuster debut at the last minute, citing concerns about the company's lacking regulatory scrutiny. The move came after Ant Group founder and former Alibaba chairman Jack Ma publicly criticized regulators.
The probe continues to cloud Ant's future IPO plans despite the company working on concessions, which reportedly include restructuring into a financial holding company and Jack Ma stepping backfrom the company.