Thursday, November 26

How the big business of Grupo Hormiga, the colossus of Chinese millionaire Jack Ma, was foiled (and how he could try again)


  • Timothy McDonald
  • BBC News, Singapur

Caption,

Grupo Hormiga’s IPO will have to wait for now.

It should have been the big week for Chinese tycoon hg Jack Ma and his business colossus, Grupo Hormiga.

Everything was ready for what would be the largest IPO in history, a new boost for Ma’s fortune, aimed at regaining the status of the richest man in China.

But things did not go as planned.

Investors prepared last Thursday to buy Grupo Hormiga securities on the Hong Kong and Shanghai stock exchanges for US $ 34.4 billion.

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