Just as Australia has discovered, you mustn't hurt the feelings of those in charge of China, or you will suffer. Those politicians (including Xi) are so thin-skinned. Ma had better be careful or he'll be charged with corruption and disappear, never to be seen again.
Big Panda China squishes Ant Group: Beijing suspends world's largest-ever IPO in fintech regulatory brouhaha
The Chinese government on Tuesday halted Ant Group's $35bn stock-market debut, which would have been the world's largest-ever IPO had it happened. The move is being interpreted as Beijing punishing one of the planet's richest men, Jack Ma, for earlier running his mouth. The fintech company is backed by Ma, and is an affiliate …
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Wednesday 4th November 2020 03:10 GMT Nathar Leichoz
Related to Xi's push for the digital Yuan currency?
I bet the new regulation in question has something to do with Xi's push for a digital currency.
After all, shouldn't a company that sees itself as both a technology company and a financial company that was headed to be the world's largest IPO, be a supporter of China's new digital currency? Such would help lend support to the currency's legitimacy while also backing it with the billions of dollars from Ant's IPO.
Since China's digital currency is in its infancy, it would make sense that existing regulations (both China's and globally) didn't cover it and therefore why Ant was caught off guard in the last minute.
Ant would obviously be against it since it would be a risk that his stakeholders would not want to take which would then affect the valuation of the company.
Wednesday 4th November 2020 04:04 GMT Yet Another Anonymous coward
Wednesday 4th November 2020 04:14 GMT GraXXoR
Everything in China is an opportunity, until it isn't.
Just like a dog owner may hold a dog still on the leash for a time before allowing it to walk forward to teach it who is the boss,
this is the CCP's showpiece to demonstrate where the real power in China lies and make sure nobody forgets it.
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