Ant Group to Refund US$167.7 Billion to Investors

1.55 million small investors in Hong Kong had pumped HK$1.3 trillion (US$167.7 billion) into the initial public offering in a bid to get a slice of the shares of Ant Group. The retail investors had oversubscribed 389 times for the IPO, according to people familiar with the matter.

The development came after Ant Group late on Tuesday night announced that it was suspending its dual IPO on the Shanghai and Hong Kong stock exchanges less than 48 hours before trading was due to start, saying it may not meet listing and disclosure requirements due to changes in the regulatory environment in China.

The refund will include the application monies, as well as 1 per cent brokerage commission, a 0.0027 per cent Securities and Futures Commission transaction levy, and a 0.005 per cent stock exchange trading fee.

Ant Group to Refund US$167.7 Billion to Investors

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