Journalists who know when a story has immediate and staying power often say it has ‘legs’. With that in mind, the decision in November by China to scrap the initial public offering of Ant Group is a tale that looks set to run and run.
The debate about the financial technology firm’s Shanghai-Hong Kong listing, set to break all records until it was quashed at almost the last possible moment, was reignited on February 16.
That day, The Wall Street Journal cited a new reason the deal was scrapped: because of the political identities of some of the people who were set to profit from it most.
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