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Jack Ma. Photo by Liu Yang/VCG via Getty Images

The Ant Financial IPO will not go forward as planned Thursday, as Chinese regulators cracked down on what would have been the largest public offering of all time.

Why it matters: Jack Ma, the founder of the Chinese payments giant, gave a major speech at the end of October railing against financial regulation both in China and in the West. That speech resulted in a dressing-down from Chinese authorities — and the end of Ma's dreams that Ant would be able to go public.

Background: The Ant IPO was set to become the largest IPO of all time, split between exchanges in Shanghai and Hong Kong. The Shanghai bourse blocked the listing on Tuesday, citing regulatory issues, and Ant then pulled its IPO entirely.

Go deeper

China to stop recognizing special U.K. passport for Hong Kong residents

A person holds up a British National (Overseas) passport in Hong Kong. Photo: Anthony Wallace/AFP via Getty Images

China will no longer recognize the British National Overseas passport as a valid travel document or proof of identity, Foreign Ministry spokesperson Zhao Lijian said Friday.

Why it matters: The announcement comes amid heightened tensions with the United Kingdom over its plan to offer potentially millions of Hong Kong residents a path to residency, and eventual citizenship.

29 mins ago - Sports

Jill Biden cheers on Team USA at Tokyo Olympics

Jill Biden congratulates U.S. women 3x3 basketball team after the first round 3x3 basketball match. Photo: Mustafa Yalcin/Anadolu Agency via Getty Images

First lady Jill Biden attended three Olympic events on Saturday and hosted a watch party at the U.S. Embassy for the Team USA-Mexico softball game.

Driving the news: On her first day as a spectator at the Games, Biden attended a women's 3x3 basketball game, cheered on American swimmers during preliminary heats and caught the second half of the U.S. women's soccer game against New Zealand.

39 mins ago - Sports

Team USA closes out Day 1 of Summer Olympics with no medals

Eli Dershwitz of Team United States reacts in his men’s sabre individual bout against Junghwan Kim of Korea of the fencing on day one of the Tokyo 2020 Olympic Games. Photo: Elsa / Getty Images

Team USA concluded the first official day of competition at the Tokyo Olympics on Saturday without winning a single medal despite several close contests.

Why it matters: Olympic historian Bill Mallon noted that this was the first time the United States did not receive any medals on Day 1 of the Summer Olympics since Munich in 1972.

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