By Xie Yu, Anshuman Daaga

HONG KONG, (Reuters) – China’s central leadership gave a tentative go-ahead to Jack Ma’s Ant Group in order to revive its original public offering in Shanghai or Hong Kong. Two sources familiar with the matter informed Reuters that this was confirmed by Reuters.

Chinese authorities took down Ant’s IPO. They also cracked down upon Ma’s business empire soon after he made a speech to Shanghai’s financial watchdogs that he claimed stifled innovation.

Below is a listing of the key events that led to the IPO suspension and possible recovery: Sep 14, 2020: China releases new regulations to regulate financial holdings companies. The central bank stated there was a loophole with existing regulations.

OCT 21: Ant receives the last nod of China’s highest securities regulator to register Shanghai IPO.

OCT 24: Chinese regulators gathered at a public gathering to discuss how the regulatory and financial systems have slowed innovation and need reform. The Basel Committee of global banks regulators was also likened to an “old man’s club”.

OCT 26: Ant Prices IPO. Secures backing from strategic investors such as Temasek Holdings (Singapore state investor), large Chinese insurance companies, mutual funds and sovereign wealth funds.

OCT 30, Retail investors bidding for record-breaking $3 trillion in shares at Ant’s dual listing

OCT 31: China’s Financial Stability and Development Committee flags the risks of rapid financial technology development in China. This was widely understood as an official response to Ant.

NOV 2, 2018: China’s leading financial regulators have reported that they had held talks about regulatory matters with Ant and Ma, and recommend stricter regulations.

NOV 3, 2018: Ant’s listing is suspended by the Shanghai Stock Exchange just days prior to its debut. Ant then decides that the Hong Kong section of the listing should be halted as well.

DEC 29: China’s central bank claims Ant was creating a plan for a financial holding company. It will also ensure all financial operations of the firm are subject to regulatory oversight.

JAN 15, 2021: Chinese regulators request Ant to improve the quality of its financial services for the public.

MAR 12 – Ant flags a series of financial self discipline rules. These include not allowing its consumer loans platforms to grant loans to minors. Also, small business loans cannot flow into stock or property markets.

APR 12 – China’s central banking says Ant created a “comprehensive, feasible” restructuring program. This firm will reduce the ineligible linkage between consumer loan products and payment, shrink its money fund, end its information monopoly, and eliminate unfair competition for payment services.

SEP 22 – Ant sends its credit card data to China’s central bank.

OCT 11, Ant doubles its registered capital, from 23.8 billionyuan to 35 Billion yuan (or $5.44 billion), in order to conform to regulations and promote growth.

November 26, 2012: China’s central bank has announced that it accepted a request to establish a joint venture for personal credit scoring, backed by Ant as well as other companies.

DEC 24: Ant’s consumer finance division, which includes China Cinda Asset Management shares, has announced that it will increase the capital of the company to 30 billion Yuan, from its current 8 billion.

MAR 2 – China’s Ant Group rectifications will be continued, China Banking and Insurance Regulator Chairman Guo Shuqing says.

JUNE 2, Ant appointed Hong Kong Exchanges and Clearing Chairman Laura Cha to its independent board. This was part of its board restructuring. Ant appointed Yang Xiaolei as a director.