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The US election news has largely overshadowed a seismic moment in global finance: Ant, a fintech company that spun out of Alibaba/Alipay, was scheduled to have the world's largest IPO, topping even Aramco, the Saudi sovereign wealth fund.
Then Chinese regulators canceled it.
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Then Chinese regulators canceled it.
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As @yvessmith writes in her excellent @nakedcapitalism breakdown, the consensus narrative on this is capricious Chinese regulators changed their minds and jerked the rug out from under Ali's billionaire owner Jack Ma.
The reality is a lot chewier.
nakedcapitalism.com/2020/11/china-…
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The reality is a lot chewier.
nakedcapitalism.com/2020/11/china-…
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To understand it, you need to understand the difference between the Chinese and American "money story." In the US, there is widespread, unquestioning faith in the fairytale that money predates the state and is separate from it.
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