When Jack Ma last week chose to speak truth to power about the failings of China’s financial system, he was aiming very high — perhaps too high. The founder of ecommerce business Alibaba, already China’s wealthiest man, was set to become substantially richer when his online finance spin-off Ant Group debuted on the Hong Kong and Shanghai stock exchanges on Thursday. At $37bn, it was going to be the world’s largest ever initial public offering.
4 Nov 2020
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