Skip to content
Subscriber Only

Hong Kong Stocks Fluctuate After China Pulls Plug on Ant’s IPO

Video player cover image
What Does Ant Group IPO Freeze Mean for Investors?
Updated on

Hong Kong stocks swung between gains and losses after Chinese regulators scrapped Ant Group Co.’s $35 billion initial public offering, and as investors digested early results in the U.S. election.

Alibaba Group Holding Ltd., which owns about a third of Ant, tumbled as much as 9.3% and led declines on the Hang Seng Index, which pared an earlier drop to trade 0.45% higher as of 10:04 a.m. Alibaba rival Tencent Holdings Ltd. dropped as much as 4.1% before paring. Hong Kong Exchanges & Clearing Ltd. retreated as much as 4.2%. The Shanghai Composite Index was little changed, while the yuan slumped 0.4% as the dollar strengthened.