BEIJING (BLOOMBERG) - The shock suspension of Ant Group's US$37 billion (S$50.6 billion) initial public offering is just the beginning of a renewed campaign by China to rein in the fintech empire controlled by Jack Ma.
Authorities are now setting their sights on Ant's biggest source of revenue: its credit platforms that funnel loans from banks and other financial institutions to millions of consumers across China, according to people familiar with the matter.
Already a subscriber? Log in
Read the full story and more at $9.90/month
Get exclusive reports and insights with more than 500 subscriber-only articles every month
ST One Digital
$9.90/month
No contract
ST app access on 1 mobile device
Unlock these benefits
All subscriber-only content on ST app and straitstimes.com
Easy access any time via ST app on 1 mobile device
E-paper with 2-week archive so you won't miss out on content that matters to you
