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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.

Updated 5 mins ago - Economy & Business

Student debt getting in the way of millennial homeownership

Illustration: Aïda Amer/Axios

Millennial homeownership is on the rise — but student loan debt is still keeping millions of members of America's largest generation from owning a home.

Why it matters: Buying a house remains the No. 1 way to build wealth in the U.S.

Updated 5 mins ago - World

UK government: Kremlin has plan "to install pro-Russian leadership" in Ukraine

British Foreign Secretary Elizabeth Truss. Photo: Gints Ivuskans / AFP via Getty Images

The United Kingdom's Foreign Secretary on Saturday night said the government has "information that indicates the Russian Government is looking to install a pro-Russian leader in Kyiv as it considers whether to invade and occupy Ukraine."

Driving the news: U.S. National Security Council spokeswoman Emily Horne called the intelligence "deeply concerning" in a statement to Axios. The Biden administration has said Russia is actively manufacturing a pretext for invasion and warned that Putin could use joint military exercises in Belarus as cover to invade from the north.

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