> Also, China is suffering from dollar shortage/flight (foreign manufacturing moving out, foreign retailers moving in) No longer the case after COVID pandemic,

> Also, China is suffering from dollar shortage/flight (foreign manufacturing moving out, foreign retailers moving in) No longer the case after COVID pandemic, Yuan is appericating > The Chinese government doesn't want such a huge financial entity owned by foreign owners Ant had been allowed to exist for a long time, I don't see this really as an issue. TBH, b. is probably the most likely reason. Criticizing governmental authority is a dangerous act even for Jack Ma, especially when your business needs its blessing. Also Ant's IPO had caused quite a lot of controversy even before this, like selling their own shares through Alipay, etc. Anyway, I see this an isolated case, where the CN government wants to give Jack Ma a lesson to put him in place.