News Snapshot:
In late 2020, the Chinese government shocked financial markets when it suspended the most anticipated IPO of the year. Jack Ma’s Ant Group had until then raised $34.5bn, eclipsing the $29.4bn IPO record set by Saudi Aramco, to value it at $313bn and make it the most valuable fintech in the world, with a market capitalisation greater than the likes of Citibank. Ant Group’s IPO was cancelled, and until last week no signs of renewed activity appeared likely until it was announced that Jack Ma would cede control of the company. Over the past two years, the Chinese fintech sector,...
