A logo of Ant Group is pictured at the company’s headquarters, a subsidiary of Alibaba, in Hangzhou, Zhejiang province, China October 29, 2020. REUTERS/Aly Song

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HONG KONG, June 9 (Reuters) – China’s central management has given a tentative green light to Jack Ma’s Ant Group to relaunch its IPO in Shanghai and Hong Kong, two sources familiar with the matter told Reuters on Thursday. case. Read more

Chinese authorities halted Ant’s IPO and cracked down on Ma’s business empire shortly after he gave a speech in Shanghai in October 2020 accusing financial watchdogs of stifling innovation.

Here is a list of the key events that led to the suspension of the IPO and the now possible resumption:

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SEPTEMBER 14, 2020: China issues new rules to regulate financial holding companies, with the central bank saying there is a loophole in the regulation of such companies.

21 OCT: Ant wins the final green light from China’s top securities watchdog to register its IPO in Shanghai.

OCT 24: At a public event attended by Chinese regulators, Ma said the financial and regulatory system was stifling innovation and needed reform to fuel growth. He also compared the Basel Committee of global banking regulators to “an old men’s club”.

OCT 26: Ant assesses IPO and secures backing from strategic investors, including a unit of Singaporean public investor Temasek Holdings, as well as Singaporean and Abu Dhabi sovereign wealth funds, major Chinese insurers and mutual funds.

OCT 30: Retail investors bid for a record $3 trillion worth of shares in Ant’s dual listing.

OCT 31: China’s Committee for Financial Stability and Development flags risks associated with the rapid development of fintech in what has been widely interpreted as a government response to the rise of players such as Ant.

NOVEMBER 2: Four of China’s top financial regulators say they have held regulatory discussions with the two top executives of Ma and Ant and are recommending tougher regulations.

NOVEMBER 3: The Shanghai Stock Exchange decides to suspend Ant’s deal just days before its debut, prompting Ant to suspend the Hong Kong part of the listing as well.

DEC 29: China’s central bank said Ant is drawing up a plan to set up a financial holding company and will ensure that all of its financial operations are under regulatory oversight.

JANUARY 15, 2021: Chinese financial regulators are asking Ant to ensure the quality of financial services to the public as it works to rectify its business.

MARCH 12: Ant flags a set of financial self-discipline rules, including blocking its consumer lending platforms from lending to minors and preventing small business loans from flowing into stock and property markets.

APRIL 12: China’s central bank says Ant has drawn up a “comprehensive and workable” restructuring plan. The company will remove the inappropriate link between the payment and the consumer loan product, reduce its money market fund, break its information monopoly, and also end unfair competition in payment services. Read more

SEPTEMBER 22: Ant begins sending its consumer credit data to a database run by China’s central bank. Read more

October 11: Ant increases its registered capital to 35 billion yuan ($5.44 billion) from 23.8 billion yuan, to comply with regulations and support growth. Read more

NOVEMBER 26: China’s central bank has announced that it has accepted an application to form a personal credit rating joint venture backed by Ant and other firms. Read more

DEC 24: Shareholders of Ant’s consumer finance unit, including China Cinda Asset Management (1359.HK), say they will raise the company’s capital to 30 billion yuan from 8 billion yuan. Read more

MARCH 2: China will continue to push forward Ant Group rectifications, said Guo Shuqing, chairman of China’s banking and insurance regulator. Read more

JUNE 2: Ant appoints Laura Cha, chairwoman of Hong Kong Exchanges and Clearing, as an independent director, as part of its board reshuffle. Ant also added Yang Xiaolei, independent director of Hengfeng Bank, as a director. Read more

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Reporting by Xie Yu and Anshuman Daga; Editing by Sumeet Chatterjee, Kirsten Donovan

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