Ant isn’t a financial institution, but it has businesses, subsidiaries and affiliates that are overseen by financial regulators
HONG KONG—Ant Group Co., the startup controlled by billionaire Jack Ma that is gearing up for a blockbuster two-part initial public offering, wants potential investors to see it as a technology company and not a financial-services firm.
The company, however, remains in focus with China’s financial regulators—which isn’t surprising given that Ant’s mobile-payments network, Alipay, has a billion users in China and in just a few years, Ant has changed how many people spend, borrow, save and invest.
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