According to the Complaint, the Company made false and misleading statements to the market. Alibaba held a 33% ownership stake in Ant Small and Micro Financial Services Group Co., Ltd. ("Ant Group"), which planned an initial public offering ("IPO") for October 2020. Alibaba failed to disclose that Ant Group did not meeting the qualifications for listing. Upcoming changes to Fintech regulations would seriously impact Ant Group. Ant Group's IPO was likely to be suspended. Based on these facts, the Company's public statements were false and materially misleading throughout the class period. When the market learned the truth about Alibaba, investors suffered damages.