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China - February 2021
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13 June 2024
Who Moved “Ant’s Cheese”? China’s Regulatory Reform on Online Microfinance Business
In this International Briefing Yifei Yang assesses China’s new draft measures on online microfinance business and the impact not only on Ant Group but on the fintech industry in China as a whole.
INTRODUCTION
On 3 November 2020 the Shanghai and Hong Kong Stock Exchanges decided to suspend China’s leading fintech company Ant Financial Services Group’s (Ant Group) world-record-breaking initial public offering (original deal valued $34.5bn) just two days before its IPO was set to take place. It was estimated that more than five million people subscribed in the Shanghai Stock Exchange and nearly 1.5 million people subscribed in the Hong Kong Stock Exchange.1 Obviously institutional and retail investors across the world who desired to share a piece of Ant’s blockbuster offering were frustrated by this “biggest capital market debacle of 2020”...
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