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China fintech norms that derailed Ant's IPO plans were no surprise, says Ping An


Photographer: Anthony Kwan/Bloomberg
March 1, 2021
China’s curbs on fintech that thwarted a massive stock sale by Ant Group Co. have been under consideration for years and weren’t a surprise to those in the industry, according to an executive at China’s biggest insurer by market value.
Like Ant, Ping An Insurance (Group) Co. was in the midst of planning a public listing for a fintech unit when regulators began issuing a flurry of rules to contain the country’s burgeoning online lending industry. Its Lufax Holding Ltd. debuted on the New York Stock Exchange days before the most-sweeping checks were unveiled in November, followed closely by the abrupt suspension of Ant’s initial public offering. ....

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