Back to Ant ....
I don't think there is anything new in the WSJ article linked from this twitter thread... but does seem like an accurate and plausible scenario.
https://threadreaderapp.com/thread/1...665122823.html
Another take on Xi personally stopping Ant group's IPO, apparently he was enraged by Ma's comments criticizing the regulators and wants to show Ma who's boss. By his action, it also goes to show China will never reach the competitive level of Western firms. In his zeal to treat anyone or anything that is not under the CCP as a threat, it will diminish and ultimately retard China's growth and innovation:
https://markets.businessinsider.com/...-11-1029800224
The competitive level of the west, where a handful of companies account for more than 10% of market capitalisation and Apple top-ticked the entire market worth of all UK listed companies in the UK last year?
China is trying something different, going after a more baord-based competition model. It seems unlikely they can pull it off, but it's good to see experimentation, while regulators in the west stand on the sidelines arguing.