FINTECH

Don’t Fight City Hall, Especially in China

November 5, 2020



There was a lot of hoopla surrounding Ant Group’s planned IPO and how it was going to be the biggest ever.  Alas, like a new season of Epix’ War of the Worlds, it may not be in the cards.  Too bad.

IPO bust.  Ant Group’s IPO was suspended on Tuesday by the Shanghai Stock Exchange.  Apparently, what went down was that Jack Ma and team got “summoned” to a meeting with Chinese regulators–translation: they got called to the principal’s office.  As an explanation for the suspension, the exchange referenced the meeting and said Ant has reported “significant issues such as the changes in financial technology regulatory environment.”

Keep your mouth shut.  Last month, Jack did a boo boo.  Here’s what he said: 

“Today’s financial system is the legacy of the Industrial Age,” Ma said. “We must set up a new one for the next generation and young people. We must reform the current system.” 

Yo Jack, didn’t you learn from the NBA?  Don’t go and criticize China’s system.  They don’t like that.  

Alibaba shares also took a hit since they own about 33% of Ant Group. 


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