Ant Group (A)

In 2004, Chinese e-commerce company Alibaba created Alipay, an app to facilitate payments on its e-commerce sites. As Alibaba grew, so did Alipay, until Alipay spawned its own ecosystem of financial technology products and services under the name of Ant Group. By 2020, Ant had one billion users on its platform, which offered investment opportunities, consumer lending, and insurance, targeted towards middle class individuals and small- and medium-sized businesses. In November 2020, Ant Group was poised for its initial public offering (IPO). But the Chinese government canceled the IPO just days before Ant was expected to raise $34 billion at a valuation of $310 billion. Regulators were concerned that Ant's partners were bearing too much risk and they fretted that the Chinese economy showed signs of rising consumer spending. What was next for Ant Group?