Exactly. This whole discussion about China suppressing Jack Ma is nonsense. It seems nobody here even knows what Ant was doing. And they’re all typically ignorant about whatever happens in China, and will just superimpose their biased views on them.

Ant was running some really shady and risky lending practices. They were not relevant when they were a private company, but once they became public, it instantly became a serious matter. The risk of failure is very high, and it risks bringing the whole system down.

What the government told Ant to do, was to have more collateral on their books. To increase it from 2% to 30%. Plain and simple. Then they can go forward with their IPO.