What’s behind the latest attack on Ant?

CHINA ADVISORY - Report 18 Feb 2021 by Andrew Collier

The Wall Street Journal published an article blaming the cancellation of the Ant Group IPO on corrupt insider dealings in the allocation of shares. While the article is fascinating, it serves too neatly Beijing’s interest in clipping the wings of Jack Ma and Alibaba. The documents conveniently leaked to the WSJ gave plenty of coverage to the existence of a nefarious group of insiders — particularly those related to a group of people who are considered Xi Jinping’s main rivals, the so-called "Shanghai faction". Until now, most of the crackdown on Ant was conducted through the official regulators, the PBOC and the CBIRC. I believe the leaked documents suggest ulterior political motives – which suggests they are misleading at best.

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