,March 12 - Ant Group's CEO Simon Hu unexpectedlyresigned on Friday in the midst of the financial technologygroup's regulatory-driven revamp after its scuttled initialpublic offering. Following are key events leading up to his departure. OCT. 21: ANT IPO GETS GREEN LIGHT FROM SECURITIES REGULATOR Ant Group wins the final nod from China's top securitieswatchdog to register its Shanghai initial public offering (IPO),clearing the last regulatory hurdle for its issue. OCT. 24: 'OLD MAN'S CLUB' At a public event attended by Chinese regulators, Antfounder and billionaire Jack Ma said the financial andregulatory system stifled innovation and must be reformed tofuel growth. He also compared the Basel Committee of globalbanking regulators to "an old man's club". OCT. 30: MOM-AND-POP INVESTORS BID $3 TRILLION FOR SHARES Retail investors bid for a record $3 trillion worth ofshares in Ant's dual listing, the equivalent of Britain's annualgross domestic product, as they bet on demand for Ant'sfinancial technology services in China. NOV. 2: REGULATORS ANNOUNCE TALKS WITH ANT Four of China's top financial regulators say they conductedregulatory talks with Ma and Ant's top two executives. Chineseregulators recommend tighter regulations for onlinemicro-lending companies to help contain potential financialrisks and rein in rising debt levels. NOV. 3: SHANGHAI IPO SUSPENDED, ANT FREEZES HK IPO The Shanghai stock exchange suspends Ant's IPO on itstech-focused STAR Market, citing the regulatorytalks as a "material event" and a tougher regulatory environmentas factors that may disqualify Ant from listing. The moveprompts Ant to also freeze the Hong Kong leg of its duallisting. DEC. 27: CHINA PUSHES ANT GROUP OVERHAUL China's central bank says it has asked Ant to shake up itslending and other consumer finance business. FEB. 3, 2021: ANT AGREES RESTRUCTURING PLAN Ant Group agrees a restructuring plan with Chineseregulators under which it will become a financial holdingcompany, a person with direct knowledge of the matter says. FEB 4: ANT TO HIVE OFF CONSUMER CREDIT BUSINESS Ant Group plans to hive off its consumer credit dataoperations, people with knowledge of the matter say, aconcession to regulators that could help get its massive publicshare sale back on track. MARCH 2: STAFF CONCERNS ABOUT SELLING COMPANY'S SHARES Ant's executive chairman says the group is working onmeasures to help staff with "short-term liquidity problems",after the suspension of its IPO dashed employees' hopes ofcashing in their shares. MARCH 12: HU RESIGNS AS CEO, ERIC JING TAKES OVER REUTERS
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