This article only represents the author's own views.
Two years ago, Ant Group was set for a $300 billion IPO, before owner Jack Ma delivered a blistering speech about China’s financial system. In the ensuing storm, the listing was pulled and a sweeping regulatory crackdown targeted parent company Alibaba Group Holding Ltd. (BABA.US; 9988.HK) and fellow stars of the digital economy.
Among those told to overhaul their business practices were JD Technology, the fintech arm of JD.com (JD.US; 9618.HK), and WeChat Pay, owned by Tencent Holdings (0700.HK).
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