Photo taken on Oct. 26, 2020 shows Ant Group logo on the buildings of Hangzhou headquarters in Hangzhou, east China's Zhejiang Province. (Photo: VCG)

The Shanghai Stock Exchange (SSE) said on Thursday that a decision by Ant Group on the same day to suspend its IPO from the STAR Market is a responsible act for the market and investors.

Ant Group and its underwriters decided to suspend its IPO on the STAR Market and the decision was made based on the practical situation, read a statement by the SSE.

The SSE respects and supports the decision and will work with relevant parties to get refunds to investors for their bids for Ant's shares.

The statement came as Ant Group announced plans on Thursday to begin refunding bids for the Shanghai tranche of its listing on Friday. Money will be rerouted back to investors by Monday.

Due to the suspension of Ant Group's IPO, the SSE will deal with the firm's follow-up share offering and listing issues in according with laws and rules and in a prudent manner, the bourse said on Thursday.

Fintech giant Ant Group has its proposed record-smashing IPO suspended by Chinese stock regulators this week, after Ant Group's "actual controller" and top management were summoned for a talk by the nation's financial regulatory authorities.

In Hong Kong, Ant Group will return HK$120 billion ($15.48 billion) funds from institutional investors after its IPO was put on hold.