Financial institutions are semi governmental branches in most countries. Jack Ma also admitted if the Chinese government demands, he would handle Ant's control back to the government. This is also the reason I believe Ant didn't plan to go to oversea for IPO in the first place, regardless of the political climate in US. It needs the buying from Chinese government, so the CCP.
Frankly speaking, in a country such like China where capital is strictly controlled, Ant's existence itself is pretty significant.
Frankly speaking, in a country such like China where capital is strictly controlled, Ant's existence itself is pretty significant.