Alibaba falls heavily after giant listing trouble – E24

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The US is reportedly considering blacklisting an affiliated giant company, which is on its way to the stock exchange.

MILLION BILLIONAIRS: The current president of the United States, Donald Trump, and Alibaba chief Jack Ma in Trump Tower met in Trump Tower in New York back in 2017.

MIKE SEGAR / X90033

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China’s richest man, Jack Ma, will list Alipay in what could be the world’s largest IPO. Alipay is the world’s largest digital payment platform, owned by Ant Group, which will now be listed on the stock exchange.

But the United States can put sticks in the wheels of the giant listing.

The US is now considering blacklisting China’s Ant Group before the listing, writes Reuters and refers to two sources who should be familiar with the case.

Alibaba’s share price is down 3.16 percent on the Hong Kong Stock Exchange.

Large listing

The measure is allegedly being worked on by someone in the Trump administration who wants a hard line against China. According to the news agency, these want to mark a position to deter American investors from participating in the listing of Ant Group.

The double listing in Shanghai and Hong Kong could be worth up to a record high of 35 billion dollars, equivalent to 324 billion kroner.

US President Donald Trump has chosen a tough approach to China as an important foreign policy platform. Republican Trump is behind Democratic presidential candidate Joe Biden in the polls, before the November 3 election.

Decline in Asia

The stock markets in Asia are falling broadly on Thursday morning:

  • Hang Seng in Hong Kong down 1.28 percent
  • Shanghai Composite Index down 0.03 percent
  • Shenzhen Composite Index down 0.13 percent
  • Nikkei 225 in Tokyo down 0.66 percent
  • Kospi in Seoul down 0.82 percent
  • The FTSE Straits Times in Singapore down 0.8 percent
  • ASX 200 in Sydney up 0.57 percent

Cold shower on Wall Street

Developments in Asia come after a downturn on Wall Street. The three leading stock indices fell between 0.6 and 0.8 per cent.

The stock market in the USA was burdened by the fact that Minister of Finance Steven Mnuchin said it would be difficult to put in place a new crisis package for the business community before the election.

Republicans and Democrats have disagreed on the amount and structure of the next crisis package, and Mnuchin said that “individual issues are still far apart”.

The White House has proposed a $ 1.8 trillion rescue package, which Democrats believe is too little.

The first week of the quarterly season is underway, and on Wednesday several major banks presented figures, including Wells Fargo and Bank of America, which fell 6.02 and 5.33 per cent, respectively.

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