https://techcrunch.com/2020/11/03/pulled-ant-group-ipo-costs-alibaba-nearly-60b-in-market-cap/

News today that Ant Group’s IPO is suddenly on hold in both Shanghai and Hong Kong caused a selloff of Alibaba shares. This afternoon, equity in sister-company Alibaba is off around 8% in the wake of the delayed offering, and news that Ant had run into regulatory issues with the Chinese government.

Ant was spun out of Alibaba, which owns a one-third stake in the financial technology powerhouse.