How the Chinese government acquired an 8 percent stake in Ant Group.
Headquarters of Ant Group (previously called Ant Financial) in Hangzhou, May 2018. Credit: Imaginechina via AP Images
When Ant Group, the Chinese fintech giant, goes public later this year, it’s expected to raise $30 billion to become the largest initial public offering in history. That means its stakeholders stand to make a whole lot of money.
One of those stakeholders, indirectly at least, is the Chinese government.
The state owns about eight percent of the Ant Group, spread across several government firms and a fund operated by the central government, according to WireScreen, the data arm of Th
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