Chinese President Xi Jinping postpones mega-listing of Ant Group shares

The planned mega-listing of shares in the financial technology giant Ant Group was postponed. Despite giving almost $10 billion 8.4 billion to the Common Prosperity'' fund, he has not been seen in China for more than two years. He hasn't been charged with any crimes.

The Chinese government insists that the actions taken against some of the country's richest people are purely legal and will be taken into account in order to root out corruption. The actions of Beijing come against the backdrop of decades of liberalization of what is now the world's second largest economy.

Beijing believes that the policy is aimed at narrowing the widening wealth gap, which is a major issue that could undermine the Communist Party's position if left unaddressed. The country has seen growing inequality and Mr Xi is said to be under pressure from ultra-leftists who want to move closer to the party's socialist roots.