Fintech giant Ant Group's initial public offering on the STAR Market will be suspended, the Shanghai Stock Exchange announced on Tuesday night.

The Shanghai bourse explained that Ant Group has reported major matters, such as the change in supervision environment concerning fintech, due to which Ant Group may not be able to meet listing requirements at the bourse or meet related information disclosure requirements. Based on the stock exchange's regulations and sponsors' opinions, Ant Group's IPO on the STAR Market will be postponed. The fintech company and its sponsors are required to make relevant announcements.

China's top financial regulators, including the People's Bank of China, the China Banking and Insurance Regulatory Commission, the China Securities Regulatory Commission and the State Administration of Foreign Exchange, conducted a joint regulatory talk with Alibaba's top management on Monday. Alibaba founder Jack Ma, Ant Group's chairman Eric Jing and the fintech company's CEO, Simon Hu, attended the meeting. Further details were not provided.

The Shanghai Stock Exchange also referred to the Monday meeting in its latest announcement.

Ant Group, which also filed for a dual listing on the Hong Kong Stock Exchange, announced on Tuesday it will suspend the listing on the Hong Kong bourse.

Ant Group, which filed in late August to float on the Shanghai Stock Exchange STAR Market, is poised to raise $34.4 billion in a record IPO, surpassing Saudi Aramco's $29.4 billion listing last year. Ant Group is estimated to be valued at about $315 billion, based on public filings. Its debut on the two exchanges was scheduled for Nov 5.