Ant Group: China pulls the world’s biggest IPO after dust up with Jack Ma

The Shanghai Stock Exchange said in a statement on Tuesday that it had postponed the company’s listing, which was originally set for Thursday, because of “major issues” that might cause it “not to meet the listing conditions or disclosure requirements.”

The IPO has also been suspended in Hong Kong, according to a statement from Ant Group, which referenced the meeting between Ma and Chinese officials as well as “recent changes” in regulations. The dual listing had been expected to raise $37 billion, making it the biggest share sale in history by a wide margin.

The news comes after Chinese regulators summoned Ma for questioning on Monday. Just over a week ago, Ma publicly criticized Chinese regulators for stifling innovation.

Further details relating to the suspension will be released “as soon as possible,” Ant Group, an affiliate of Alibaba, said in its statement.

Alibaba (BABA)shares listed in New York were down roughly 7% in premarket trading.

— This is a developing story and will be updated.