Tightening control: A logo of Ant Group is pictured at its headquarters in Hangzhou. China plans to discourage lenders from using Ant’s credit platforms, its biggest revenue source. — Reuters
HONG KONG: The shock suspension of Ant Group Co’s US$35bil initial public offering (IPO) is just the beginning of a renewed campaign by China to rein in the fintech empire controlled by Jack Ma.
Authorities are now setting their sights on Ant’s biggest source of revenue: its credit platforms that funnel loans from banks and other financial institutions to millions of consumers across China, according to people familiar with the matter.
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