The reason for Alipay's postponement of its listing is that it is under investigation and regulatory pressure from the Chinese government's regulatory authorities, which are reviewing the company's business model and financial security. This move is to regulate the Internet financial industry and protect the interests of investors, and ensure that the company conducts compliance rectification and risk prevention and control before listing.

Alipay needs to actively respond to regulatory requirements, improve internal systems, and strengthen risk management so that it can be successfully listed in the future and bring more stable investment opportunities to investors.

The reason for Alipay's postponement of its listing may be that the Chinese government has strengthened its supervision of technology companies and the regulatory requirements for large technology companies such as Alipay are also increasing. In addition, Alipay may still be facing some regulatory risks and uncertainties, and it will take time to deal with and resolve these issues. Therefore, the postponement of its listing allows Alipay to better respond to regulatory changes and risk challenges and ensure the robustness and sustainability of its listing.

The reasons for the postponement of the listing of Ant Group, the parent company of Alipay, can be attributed to the following three aspects:

1. Changes in the regulatory environment: The Internet financial industry in which Ant Group is located faces a strict regulatory environment in China. On the eve of the listing, Chinese regulators issued new regulations requiring Internet companies to rectify their financial services to meet regulatory requirements. This change may lead to changes in Ant Group's business model, revenue structure and market valuation, and the company needs more time to deal with these challenges.

2. Corporate governance issues: Ant Group has been questioned about corporate governance issues during the listing process. Some investors are worried that Ant Group's equity structure and partnership system may not be conducive to protecting the interests of small shareholders. Therefore, Ant Group needs to take measures to improve corporate governance to meet regulatory requirements and market expectations.

3. Capital market volatility: Ant Group originally planned to go public when the stock market was at a high level in order to obtain a higher financing scale. However, due to the impact of factors such as the global economic environment and the new crown epidemic, the capital market has experienced large fluctuations, which is not conducive to Ant Group's ideal listing valuation. Therefore, postponing the listing can help Ant Group avoid market risks and wait for a better listing opportunity.

In short, the reasons for Ant Group's postponement of the listing include changes in the regulatory environment, corporate governance issues, and capital market fluctuations. The company needs to properly deal with these issues and create favorable conditions for restarting the listing process in the future.

The reason for Alipay's postponement of listing may be due to the impact of the Chinese government's legislation to adjust the regulatory policy of the financial technology industry. It is also based on full rectification and compliance to better protect consumer rights and financial security.

Against the background of the Chinese government's strengthening of supervision, Alipay may need more time to rectify corporate governance, standardize business operations, and meet financial regulatory requirements. In this process, the postponement of listing may be to steadily respond to the challenges and changes brought about by the regulatory environment.

It does not meet the relevant requirements of the "Interim Measures for the Administration of Online Micro-loan Business (Draft for Comments)" jointly issued by the China Banking and Insurance Regulatory Commission and the People's Bank of China.