Ant Financial: Yesterday's Other Political Contest.

8 minutes

While we in America were preoccupied with the Presidential Election, half a world away, in China, a really remarkable financial story is unfolding.

The Story centers around Ant Financial, which was scheduled to be the world's largest Initial Public Offering. The initial estimate was that Ant Financial would raise somewhere in the mid 30 billion equivalent US Dollars.

So captured are the Chinese about this new company, that they had already over-subscribed the issue by 5 or 6 times. Meaning that Ant was slated to become a very hot issue. And would naturally rise by multiples after it came to market.

It was scheduled to come to market yesterday. When suddenly, out of the blue, the Chinese regulators stepped in and stopped everything. Forcing the brokers involved to cancel the offering and refund the investors their money.

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