Chinese e-commerce giant Alibaba (BABA Quick QuoteBABA - Free Report) closed down 8.1% on Tuesday after Shanghai Stock Exchange officials suspended the mega IPO of Ant Group. Ant Group was founded by BABA co-founder Jack Ma and came from Alipay, BABA’s mobile and online payment platform.

Ant was set to be the world’s biggest IPO in a dual listing on the Shanghai and Hong Kong stock exchanges. The IPO would have generated at least $34 billion in proceeds and given Ant a market cap of $310 billion. But after a meeting with Chinese regulators and company executives, the Shanghai exchange said the offering might no longer meet listing requirements.

Ant’s IPO would have surpassed Saudi Aramco’s $29.4 billion IPO last year, while BABA would have been the third largest IPO.

BABA is still up over 34% year-to-date.

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