SHANGHAI -- Ant Group has abandoned its 18 billion yuan ($2.8 billion) sale of securities backed by online loans, apparently in response to China's mounting crackdown against the fintech heavyweight's lucrative consumer credit business.
Plans for the float, which was to be conducted by two Ant subsidiaries, were approved by the Shanghai Stock Exchange last fall. The Shanghai exchange gave no reason for the suspension of the sale when it announced the news Tuesday.
