On the evening of November 3, the Shanghai Stock Exchange (hereinafter referred to as the "Shanghai Stock Exchange") issued the "Decision on Suspending the Listing of Ant Technology Group Co., Ltd. on the Science and Technology Innovation Board".

　　"Your company originally applied for listing on the Science and Technology Innovation Board of the Shanghai Stock Exchange on November 5, 2020. Recently, it happened that your company's actual controller, chairman and general manager were jointly conducted regulatory interviews by relevant departments. Your company also reported Major events such as changes in the financial technology regulatory environment of the Department. This major event may cause your company to fail to meet the issuance and listing conditions or information disclosure requirements." The Shanghai Stock Exchange said.

　　In accordance with Article 26 of the "Regulations for the Registration and Management of Initial Public Offerings on the Science and Technology Innovation Board (Trial)" (hereinafter referred to as the "Technology Innovation Board IPO Measures") and the "Shanghai Stock Exchange's Stock Issuance and Listing Audit Rules" (hereinafter referred to as the "Technology Innovation Board" The Shanghai Stock Exchange decided to suspend the listing of Ant Group in accordance with Article 60 and so on, and soliciting the opinions of sponsors.

　　An authoritative person close to the regulatory authorities told China Business News that the aforementioned two documents have already arranged for the handling of situations that may have a significant impact on the issuance and listing.

In accordance with these regulations, the exchange made a decision to suspend listing of Ant Group.

　　First of all, Article 26 of the "Technology Innovation Board IPO Measures" stipulates that after the CSRC makes a decision and before the issuer’s stocks are listed and traded, the issuer’s and sponsor’s reporting obligations to the exchange and the exchange’s timely handling Responsibilities; Article 27 stipulates the handling measures that the CSRC can take.

　　Second, the "Science and Technology Innovation Board Listing Rules" further clarify the responsibilities of exchanges in handling major matters before listing.

　　First, if a major event occurs before stock issuance and listing, the issuer and its sponsor shall report to the exchange in a timely manner and update the issuance and listing application documents as required; the issuer’s sponsor and securities service agency shall continue to perform due diligence Responsibilities and submit special verification opinions to the Exchange.

　　Second, after the listing committee’s deliberation and before the stock’s listing and trading, a major event has occurred that has a major impact on whether the issuer meets the issuance conditions, listing conditions or information disclosure requirements, the issuance and listing review agency of the exchange will decide whether to re-examine after re-examination. Submit to the Listing Committee for deliberation; if resubmitted to the Listing Committee for deliberation, it shall report to the Securities Regulatory Commission.

　　Third, after the CSRC makes the registration decision and before the stock is listed and traded, if a major event occurs that may cause the issuer to fail to meet the issuance conditions, listing conditions or information disclosure requirements, the issuer shall suspend the issuance; if the issue has already been issued, the listing shall be suspended; If the issuer is found to have the above-mentioned circumstances, it has the right to request the issuer to suspend listing.

　　In addition, the Ant Group’s listing registration approval published online has also clarified that, from the date of approval of the registration to the end of the stock issuance, if the issuer has major issues, it should promptly report to the exchange and deal with it in accordance with relevant regulations.

　　Liu Junhai, a professor of law at Renmin University of China, told CBN that the Shanghai Stock Exchange’s decision to suspend the decision is based on law.

The "Science Innovation Board IPO Measures" and the "Science Innovation Board Listing Rules" have long been announced, which are legitimate, stable, fair, and predictable.

Before Ant Group can deal with the major matters before listing, the Shanghai Stock Exchange needs to perform its self-regulatory duties, stand on guard, set up guards, and guard the public investors.

　　"Protecting the interests of public investors is an important aspect. At the same time, it is also necessary to consider the sustainable and healthy development of the company after listing." Liu Junhai believes that when a major event occurs, if there is no relevant explanation, relevant handling, and relevant plans, and once The business model needs to be adjusted, and the company's valuation may undergo major changes, and the stock price may also fluctuate significantly.

This will not only directly affect the interests of investors, but also impact the sustainable development of the company.

　　In his opinion, it is better to go public in a hurry to get listed after major issues are resolved, which is more beneficial to the development of the company.

Thorough digestion of regulatory risks and market risks in advance will help enhance the company's transparency and credibility.

At the same time, it will also enhance investor confidence and form an investor-friendly listed company.

　　In the end, he also stated that the Shanghai Stock Exchange used the term “suspended” rather than “cancelled” the listing, and said that it would maintain communication with the company and the sponsor, which means that further arrangements will be made after major issues are dealt with in the next step.

　　Du Qingqing