Why was the listing of Ant Financial Services stopped by supervision?

The listing of ants is blocked, which actually involves a risk issue. Let's just say that if the money is earned by itself, the risk will be borne by domestic commercial banks. Generally speaking, if you owe Bai Hua money, Bai Hua will directly deduct it from your bank card, which will cause great risks. If something goes wrong with Ant Financial, domestic banks will face risks. At that time, the garden will become a key to China's economy. However, China does not allow such enterprises to exist. You can imagine this situation. Once the Baihua Garden has problems, China's economy will have problems, which will spread to many markets. Extended information: What is listing? Listing is a term in the securities market. In a narrow sense, IPO is the initial public offering (IPO) of shares, which refers to the process that enterprises issue additional shares to investors through the stock exchange in order to raise funds for enterprise development. When a large number of investors subscribe for new shares, they need to issue shares by lottery, which is also called drawing new shares. Investors who subscribe expect to sell at a price higher than the subscription price. In the context of China, listing is divided into China companies listed on the domestic Shanghai Stock Exchange and Shenzhen Stock Exchange; China companies directly go public on non-Chinese mainland stock exchanges (such as Hongkong Stock Exchange, new york Stock Exchange, Nasdaq Stock Exchange and London Stock Exchange). ).) and China indirectly set up offshore companies overseas and listed them on overseas stock exchanges in the name of offshore companies (red chips). Advantages and disadvantages of listing: advantages 1. Improve the financial situation. Funds obtained through stock listing do not need to be repaid within a certain period of time. On the other hand, these funds can immediately improve the company's capital structure and enable the company to borrow loans at lower interest rates. In addition, if the IPO is very successful and the future market trend is very strong, then the company may issue more shares at a better price in the future. Buy other companies with stocks. (1) listed companies usually acquire other companies through their shares (rather than paying cash). If your company is publicly traded in the stock market, shareholders of other companies will be happy to accept your shares instead of cash when selling them. Day trading in the stock market provides flexibility for these shareholders. When needed, they can easily sell their stocks or borrow money with stocks as collateral. (2) The stock market will also make it much more convenient to estimate the stock price. If your company is not listed, then you must evaluate it yourself, hoping that buyers will agree with your estimate; If they don't agree, you have to bargain and determine a "fair" price acceptable to both parties, which is likely to be lower than the actual value of your company. However, if the stock is publicly traded, the value of the company is determined by the market price of the stock. 3 motivating employees with stocks companies usually attract high-quality employees through stock options or equity gains. These arrangements often make employees have a sense of ownership of the enterprise, because they can benefit from the development of the company. The stocks of listed companies are more attractive to employees, because the stock market can decide the stock price independently, thus ensuring the realization of employees' interests. Improve the company's reputation. (1) public listing can help the company improve its visibility in the society. Through press conferences and other public channels, as well as the daily performance of the company's shares in the stock market, the business community, investors, the press and even the general public will notice your company. (2) Investors will make decisions based on good news or bad news. If a listed company is well managed and full of hope, then it will have a first-class reputation, which will provide all kinds of inestimable benefits for the company. If a company's trademarks and products are widely known, not only investors will notice, but also consumers and other enterprises will be happy to do business with such a company. Abuse 1. Disclosure (1) It is the most annoying thing for a company to lose its "privacy" in various changes because of its public listing. The US Securities Regulatory Commission requires listed companies to disclose all accounts, including the salaries of senior managers, dividends of middle managers and the company's business plans and strategies. Although this information does not need to include every detail of the company's operation, all information that may affect investors' decision-making must be made public. This information must be publicly disclosed at the initial stage of listing, and then the latest information of the company must be continuously reported. (2) Due to confidentiality, the company may stop paying dividends or reducing salaries to relevant personnel at this time. Originally these are normal for an unlisted company, but they are unacceptable for listed companies. 2. The flexibility of managers is limited. (1) Once the company goes public, it means that managers give up some of their original freedom of action. Non-listed companies can generally make their own decisions, while every step and plan of listed companies must be approved by the board of directors, and some special matters even need the approval of the shareholders' meeting. (2) Shareholders measure managers' performance through company benefits and stock prices. This kind of pressure will force managers to pay too much attention to short-term interests rather than long-term interests to some extent. 3. Risks after listing The profits of many publicly listed stocks are not as high as expected, and some even plummet for various reasons. The reasons for these disappointments are probably the general depression of the stock market, or the company's profits are not as good as expected, or the public finds that there are no really qualified experts to advise them when the stock is listed. The setback after the stock listing will seriously affect the return profit of venture capital, and even make venture capital fall short. Therefore, venture capitalists and corporate entrepreneurs will weigh the pros and cons when deciding whether to go public.