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China authorities rein in fintech titan with squashed Ant IPO

Beijing puts a check on Jack Ma and protects its power over the financial market

Ant Group's Alipay platform processed $17.6 trillion yen in payments in the year through June.   © Reuters

HONG KONG/SHANGHAI -- The suspension of Ant Group's much-anticipated dual initial public offering has been chalked up to regulatory concerns, but a deeper unease about the tech company's growing role in the financial system appears to have weighed on authorities' minds.

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