The shock suspension of Ant Group’s massive share offering and a possible Joe Biden US presidency has become fresh tailwinds for China’s stock market, as investors rush to snap up a piece of an economy recovering rapidly from the coronavirus pandemic. Chinese regulators torpedoed the fintech giant’s $37 billion initial public offerings, set to be the world’s largest stock market listing after founder Jack Ma publicly criticised the country’s financial watchdogs and banks. As trillions of dollars locked up by the IPO return to the market, investors searching for a place to park that cash have lifted Chinese e-commerce firms such as Meituan and JD.com to record highs this week. Even after losses on Friday, the Hang Seng TECH index was up 8.2% for the week, its biggest weekly gain since early July. Sean Taylor, chief investment officer in Asia for German asset manager DWS, said the IPO’s collapse was stunning, but the scramble to subscribe showed the depth of Asia’s investor pool. “It shows there is a huge, huge demand for buying equities when they think they’ve got upside. I expect some of that money goes back into markets,” he said. “The IPO pipeline looks pretty healthy and the equity culture is growing…and that’s a big thing.” The fresh enthusiasm for Chinese shares isn’t confined to Hong Kong. Foreign investors bought a net 21.42 billion yuan ($3.24 billion) of Chinese A-shares in the first five trading days of November, Hong Kong stock exchange data showed. Investors were seen betting on resurgent domestic demand and government policies through companies such as liquor maker Kweichow Moutai Co Ltd and LONGi Green Energy Technology Co Ltd. . These investors were net sellers in August and September and made only tiny purchases in October through the Stock Connect scheme, which gives offshore investors access to shares of Chinese firms traded on the mainland. BIDEN WIND Early indications that Democratic candidate Joe Biden could unseat incumbent Donald Trump have also pushed the yuan and stocks up.