The different dimensions of the Ant IPO story. There are many undercurrents, including the control of systemic risk. : The Ant IPO, the largest ever shares-offering that could have vaulted the Ant Group valuation to $316B was suspended by both the Shanghai Bourse and the Hong Kong Exchange. The IPO would have valued the Ant Group the largest finance company in the world, more than JP Morgan Chase JPM , more than Industrial and Commercial Bank of China. After the suspension, the valuation seems to have fallen by almost as much as $200B.