News > Ant turning from windfall to nightmare for its global investors
Ant turning from windfall to nightmare for its global investors
Business Standard | 27/12/2020 11:34 PM | Click to read full article
Two months ago, global investors were on the cusp of embracing a windfall from what would have been the world’s largest initial public offering. Now, returns on the hundreds of millions of dollars invested with Ant Group Co. are in jeopardy.
China ordered Ant to reexamine its fintech businesses -- spanning from wealth management to consumer credit lending and insurance -- and return to its roots as a payments service. Regulators stopped short of asking directly for a breakup of the company.