Jack Ma’s botched Ant IPO becomes a boost for state banks

Ant and other fintech giants such as Tencent Holdings Ltd, using big data and cloud computing, have grabbed market share from commercial banks in the lucrative consumer lending space by providing easier access to credit for younger users online, many of whom have little income nor credit history. (File pic Jack Ma)

HONG KONG: China Merchants Bank Co and other state-backed lenders have emerged as the biggest winners from new regulations that derailed Ant Group Co’s massive stock listing, as China aims to level the playing field between fintech giants and traditional banks.

Merchants Bank, known as the retail bank king in China, has soared 19% in Hong Kong this month to a record high, its biggest seven-day advance in more than five years.