4/27, 5:13 PM (Source: TeleTrader)
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China investigating Ant Group's IPO approvals

Chinese authorities are looking to find out how Ant Group Co. quickly obtained approvals needed to go public last year, The Wall Street Journal reported on Tuesday.

Beijing has focused its investigation, which started earlier in the year, on all people connected to the initial public offering of Jack Ma's tech giant, including regulators who approved the process, as well as involved local officials and state-backed companies.

The report also noted that Jack Ma won't be able to leave China until the scrutiny is completed and Ant Group finishes its business overhaul requested by Chinese regulators. Ant Group's IPO was halted by the central Chinese government last year.

Breaking the News / ND