CHINA: Ant group crackdown unlikely to extend to other private sector firms

Following the suspension of Ant's USD 35bn IPO in November, subsequent regulatory actions have clarified the nature of regulators' concerns about Alibaba/Ant. These actions suggest that the crackdown is primarily a response to specific concerns about a few large internet companies, rather than a broader crackdown on private entrepreneurs. So long as private companies operate within broad boundaries defined by the party's political and policy objectives, they will maintain significant freedom to pursue innovation and profits. Anti-competitive behavior As previously noted, Jack