I actually read the same thing just a short while ago: https://valueinvesting.substack.com/p/why-ant-financials-ipo-was-pulled https://valueinvesting.substack.c

I actually read the same thing just a short while ago: https://valueinvesting.substack.com/p/why-ant-financials-ipo-was-pulled https://valueinvesting.substack.com/p/why-ant-financials-ipo.... The author states Ant would have operated by repackaging highly leveraged micro-loans in such a way that none of the risk would appear on anyone's balance sheet.