Chinese state lenders soar after Ant gets 'bitten' by regulators

Proposed changes require online lenders like Jack Ma's fintech to assume more risks, cap individual loans

When Mr Jack Ma's fintech Ant gets its IPO back on track again, analysts expect investors to give it a much reduced valuation. PHOTOS: REUTERS, AGENCE FRANCE-PRESSE
When Mr Jack Ma's fintech Ant gets its IPO back on track again, analysts expect investors to give it a much reduced valuation. PHOTO: REUTERS
When Mr Jack Ma's fintech Ant gets its IPO back on track again, analysts expect investors to give it a much reduced valuation. PHOTOS: REUTERS, AGENCE FRANCE-PRESSE
When Mr Jack Ma's fintech Ant gets its IPO back on track again, analysts expect investors to give it a much reduced valuation. PHOTO: AGENCE FRANCE-PRESSE

BEIJING • China Merchants Bank and other state-backed lenders have emerged as the biggest winners from new regulations that derailed Ant Group's massive stock listing, as Beijing aims to level the playing field between fintech giants and traditional banks.

China Merchants Bank, known as the country's retail bank king, soared 16 per cent in Hong Kong this month, its biggest six-day advance in more than five years.

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A version of this article appeared in the print edition of The Straits Times on November 11, 2020, with the headline 'Chinese state lenders soar after Ant gets 'bitten' by regulators'. Print Edition | Subscribe