China Moves to Break Up Ant Group’s Alipay

China’s tech crackdown, which has eventually developed the “common prosperity” wing, is about to claim another victim. The Financial Times reported Monday, citing sources, that Beijing is moving to break up Alipay, and create a separate app for the company’s highly profitable loans business. The crackdown started with focus on the fintech industry, with Beijing aiming to curtail the extravagance of the industry players who had enjoyed uncommon freedom under President Xi’s leadership. The Ant Group, whose halted IPO was gearing up to be the largest in history, with $37 billion raised for a post-IPO valuation of $300 billion, was … Continue reading China Moves to Break Up Ant Group’s Alipay