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Ant IPO scrapped amid tensions with China

Nov. 03, 2020 01:45PM EST
Dan Ackermann

The Ant Financial IPO will not go forward as planned Thursday, as Chinese regulators cracked down on what would have been the largest public offering of all time.

Why it matters: Jack Ma, the founder of the Chinese payments giant, gave a major speech at the end of October railing against financial regulation both in China and in the West. That speech resulted in a dressing-down from Chinese authorities — and the end of Ma's dreams that Ant would be able to go public.

Background: The Ant IPO was set to become the largest IPO of all time, split between exchanges in Shanghai and Hong Kong. The Shanghai bourse blocked the listing on Tuesday, citing regulatory issues, and Ant then pulled its IPO entirely.

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New coalition forms to fight Republican legislature in Texas

Texas advocacy and political groups will launch a new coalition Monday to fight Republican efforts to change voting laws in their state and support Texans in need after the pandemic and last winter's paralyzing storm, Axios has learned.

Why it matters: While Democratic lawyers are fighting proposed or enacted changes in voting laws in battleground states, a grassroots response will be critical if the party and its backers hope to have any effects on the 2022 midterms and 2024 presidential election.

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Britain to end mask and distancing requirements on July 19 despite increase in COVID-19 cases

Britain's Prime Minister Boris Johnson on Monday said that England will lift mask requirements and social distancing rules later this month amid rising coronavirus cases, AP reports.

Driving the news: Individuals in England will no longer be required by law to wear face masks in indoor public spaces. Businesses can still require masks and remove distancing restrictions, but Johnson said fighting the pandemic would now be a matter of "personal responsibility," and Britain would have to “learn to live with this virus," per the AP.

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"An Ugly Truth" gives sneak peek as Zuckerberg becomes wartime leader

Mark Zuckerberg surprised a council of top Facebook executives in July 2018 by declaring: "Up until now, I’ve been a peacetime leader ... That’s going to change."

Driving the news: The account appears in a closely held book that'll be out Tuesday, "An Ugly Truth: Inside Facebook’s Battle for Domination," by the N.Y. Times' Sheera Frenkel and Cecilia Kang.

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