When Chinese regulators torpedoed the $37bn listing of Ant Group in 2020 to rein in billionaire entrepreneur Jack Ma’s financial empire, the future of his lending and payments business was thrown into doubt.
Four years later, Ma has relinquished control of Ant after Beijing ordered a painful restructuring of Alibaba’s fintech affiliate and fined it Rmb7.12bn ($984mn). Ant’s value has fallen about 40 per cent below its proposed listing price, based on the price offered in a share buyback last year.
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