Ant has had to overhaul its business model, pulling back from sensitive sectors and easing up on competition with state-backed banks. Its valuation, envisioned at about $315b after the IPO, has dropped to about $78.5b.
| less than a minute read
Jack Ma’s clash with Beijing costs Ant, Alibaba $850b
“The companies have done their mea culpas and the punishments are over — at least for this series of issues,” said Kendra Schaefer, a partner at Beijing-based consultancy Trivium China.
