Listing interrupted: China suspends Ant Group’s $37bn IPO (www.aljazeera.com)

Beijing has become more uncomfortable with banks heavily using microlenders or third-party technology platforms like Ant for underwriting consumer loans, amid fears of rising defaults and deteriorating asset quality in a pandemic-hit economy.

“The Communist Party has shown the tycoons who’s boss. Jack Ma might be the richest man in the world but that doesn’t mean a thing. This has gone from the deal of the century to the shock of the century,” said Francis Lun, CEO of GEO Securities.

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