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China pauses over 40 IPOs as hawkish eyes fall on intermediaries

China pauses over 40 IPOs as hawkish eyes fall on intermediaries
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ANALYSIS: Jack Ma's Ant Group was the next big thing. Now it may become just a boring bank

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(CNN) Jack Ma s Ant Group quickly became one of China s most powerful companies, and its plans for bridging the worlds of tech and finance were growing ever more ambitious by the day.
Now it appears to be turning into the kind of highly regulated Chinese bank that it hoped to supplant.
Months after the company s blockbuster initial public offering was shelved at the last minute a move that appears to have been sparked by Ma s criticism of Chinese regulators several media outlets have reported that Ant has agreed with authorities to become a financial holding company.
Ant declined to comment on those reports earlier this month, and the details of any potential agreement were not immediately clear. The company did not respond this week to additional questions about any deal with authorities. ....

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Jack Ma's Ant Group was the next big thing. Now it may become just a boring bank

Jack Ma s Ant Group was the next big thing. Now it may become just a boring bank
CNN
2/23/2021
Analysis by Laura He, CNN Business
© Qilai Shen/Bloomberg/Getty Images
A pedestrian walks past an Alipay sign outside an Ant Group Co. office building in Shanghai, China, on Thursday, Dec. 24, 2020.
Jack Ma s Ant Group quickly became one of China s most powerful companies, and its plans for bridging the worlds of tech and finance were growing ever more ambitious by the day.
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Now it appears to be turning into the kind of highly regulated Chinese bank that it hoped to supplant. ....

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