How did we get here?
Almost three years ago, Chinese regulators torpedoed what would have been a record initial public offering (IPO) by financial technology giant Ant Group, sending shock waves across global capital markets. They imposed new rules that curbed the power of a business with operations that spanned consumer lending, wealth management and online payments.
The crackdown appeared to be nearing an end in July, when the authorities issued Ant with a fine of almost US$1 billion ($1.3 billion). With its founder Jack Ma, China’s most-famous entrepreneur, now ceding control, investors are wondering if Ant will one day get another chance at going public.
