While the sudden cancellation of his Ant Group IPO shocked many investors, Ma’s fall from grace had been years in the making. It is not new that the party regulates private financial businesses as this had been explicitly stated in China’s constitution. “But many private businessmen did not take this seriously," Zhiwu Chen, director of the Asia Global Institute, tells the Bloomberg Businessweek. "The recent Ant episode was a wake-up call."
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