Ant to refund US$167.7 billion to 1.55 million Hong Kong investors in two batches after IPO is suspended
- Investors with unsuccessful applications to get refunds today, while those who were allotted shares will get their money on Friday
- Three major brokers to waive interest payment from clients who borrowed a combined HK$120 billion of IPO loans to subscribe to Ant’s IPO
Hong Kong retail investors who had applied for Ant Group’s record US$39.67 billion IPO will get refunds in two batches, after the fintech giants decided to suspend the offering.
Some 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, making it the highest amount to be refunded in history.
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, the filing said.
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.
