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** China Squashes a Giant Ant and Nukes Its Financial System ([link removed])
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by Gordon G. Chang • November 12, 2020 at 5:00 am
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* Beijing has cast doubt on the soundness of China's equity markets and, more broadly, on the long-term viability of the country's private sector.
* China is not big enough for two big personalities. Xi is building a personality cult, and so is Ma Yun, better known as Jack Ma to the international financial and business communities.
* Ant's lending volumes grew fast because the company was largely unregulated.
* "The message is that no big private businessman will be tolerated on the mainland." — Chen Zhiwu of Hong Kong University, Financial Times, November 6, 2020.
* Xi demands absolute obedience, something incompatible with a modern financial system.

On November 3, Shanghai's Nasdaq-like STAR Market and the Hong Kong Stock Exchange announced the suspension of the largest initial public offering in history, of Ant Group Co., Ltd., about 36 hours before the scheduled start of trading in Hong Kong. The unprecedented actions shocked domestic and international investors. Pictured: The Ant Group headquarters in Hangzhou, China. (Photo by STR/AFP via Getty Images)

Investors in Hong Kong this week dumped more than $250 billion in Chinese tech stocks. Particularly hard hit were Alibaba Group, JD.com, Tencent, and Meituan Dianping.

The rout followed the stunning postponement of what would have been the largest initial public offering in history. Ant Group Co., Ltd., an Alibaba Group affiliate, was set, with the overallotment option, to raise $39.5 billion.

Investors were valuing the six-year-old company at $359 billion, making it worth more than American-based behemoth J.P. Morgan and the world's largest bank by assets, the state-backed Industrial and Commercial Bank of China.

On November 3, Shanghai's Nasdaq-like STAR Market and the Hong Kong Stock Exchange announced the suspension about 36 hours before the scheduled start of trading in Hong Kong. The unprecedented actions shocked domestic and international investors.

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