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Yes, there’s a high-stakes presidential election underway, but tech news doesn’t stop completely: Chinese regulators pull the brakes on Ant Group’s IPO, Spotify adds standalone streaming support on Apple Watch and PayPal outlines its plans for 2021. This is your Daily Crunch for November 3, 2020. | | | |
The Shanghai stock exchange has postponed Ant Group’s IPO a day after Chinese regulators held a closed-door meeting with Jack Ma and other company executives. The company has also halted plans for its public listing in Hong Kong. Ant Group, a financial technology giant that spun out of Alibaba, was previously on track to raise $34.5 billion in the world’s largest IPO. It’s not exactly clear why the offering was called off, but Alibaba’s founder Ma recently gave a speech criticizing China’s financial regulation. “We are sincerely sorry for any inconvenience brought to investors,” the company said in a statement. “We will properly handle follow-up matters following compliance regulations of the two exchanges.” Read more | | Image Credits: Ant Group | | |
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| Image Credits: Spotify | | |
| Image Credits: Arctic-Images / Getty Images | | |
| Image Credits: adamkaz / Getty Images | | |
| Image Credits: Spencer Platt / Getty Images | | |
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