China’s Regulatory War on Ant

Alibaba founder Jack Ma, pictured here at a 2010 forum, has been caught in the middle of a new slew of fintech reforms in China. His inflammatory speech in October 2020 may have been just the excuse the government needed.
*Credit: World Economic Forum/Qilai Shen, Creative Commons*

HONG KONG – Ever since Alibaba founder Jack Ma criticized Chinese financial regulation in a speech last October, a regulatory storm has pummeled the country’s entire online financial and consumer sector. The Shanghai Stock Exchange suspended the planned initial public offering of fintech conglomerate Ant Group — an Alibaba affiliate — just two days before its launch, and regulators subsequently launched a massive crackdown on Chinese Big Tech. While Ma’s speech appears to have been an

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