Chinese Tech Giant, Ant Group, has abruptly suspended its debut in the stock market.
Ant, which is backed by Jack Ma, Founder of E-commerce platform, Alibaba, was set to sell shares worth $34.4 billion on Thursday.
Ant runs Alipay, the main online payment system, which has eclipsed cash, cheques and credit cards in China.
But the Chinese authorities have cited major issues as the reason behind the suspension.
Alibaba, which owns a third of Anti had plunged by 9.6% in share price in the Hong Kong trading on Wednesday, resulting in share price drops wiping nearly $76 billion of its value, more that double the amount Ant was planning to raise.