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How billionaire Jack Ma fell to earth and took Ant’s mega IPO with him

Summary:
In China the regulators are not controlled by the oligarchs.They say talk is cheap. Tell that to Jack Ma.Corporate China's shiniest star was just days away from seeing his Ant Group list on the stock market in a record billion deal, when he chose to launch a blistering public attack on the country's financial watchdogs and banks.The regulatory system was stifling innovation and must be reformed to fuel growth, billionaire Ma told a summit in Shanghai on Oct. 24 attended by the great and the good of China's financial, regulatory and political establishment.Chinese banks, he said, operated with a "pawnshop" mentality.It was this speech that set off a chain of events that ultimately torpedoed the listing of Ant, the fintech titan Ma founded, according to interviews with government

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 In China the regulators are not controlled by the oligarchs.

They say talk is cheap. Tell that to Jack Ma.

Corporate China's shiniest star was just days away from seeing his Ant Group list on the stock market in a record $37 billion deal, when he chose to launch a blistering public attack on the country's financial watchdogs and banks.

The regulatory system was stifling innovation and must be reformed to fuel growth, billionaire Ma told a summit in Shanghai on Oct. 24 attended by the great and the good of China's financial, regulatory and political establishment.

Chinese banks, he said, operated with a "pawnshop" mentality.

It was this speech that set off a chain of events that ultimately torpedoed the listing of Ant, the fintech titan Ma founded, according to interviews with government officials, company executives and investors. They all requested anonymity to disclose confidential details.

How billionaire Jack Ma fell to earth and took Ant's mega IPO with him


Mike Norman
Mike Norman is an economist and veteran trader whose career has spanned over 30 years on Wall Street. He is a former member and trader on the CME, NYMEX, COMEX and NYFE and he managed money for one of the largest hedge funds and ran a prop trading desk for Credit Suisse.

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