China Stares Down a Financial Reckoning

One has to wonder what Jack Ma was thinking when, in a speech in Shanghai in late October, the Alibaba and Ant Group founder ripped into overzealous Chinese regulators, accusing them of having a “pawnshop mentality” and stifling innovation. Beijing promptly suspended Ant Group’s upcoming initial public offering, which was expected to be the largest in history, costing Ma personally an estimated $3 billion. Days later, Beijing unveiled sweeping new anti-monopoly legislation that will hit much of Ma’s sprawling empire.


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