When the Ant Gets Too Big: Understanding China’s Financial Regulation Through the Suspension of Ant Group’s IPO

Zhang, Cherie | January 1, 2024

The suspension of Ant Group’s IPO in 2020 sent shockwaves through China’s financial landscape. Amid speculation that founder Jack Ma’s criticism towards the Chinese government triggered the suspension, this note argues for a nuanced understanding rooted in legal and economic factors unique to the Chinese financial regulatory system. By analyzing Ant’s case, this note contributes to contextualizing China’s evolving banking, securities, and FinTech regulation, while providing lessons for both regulators and fintech companies in fast-growing markets.