Well-connected Chinese power players, including some with links to political families that represent a potential challenge to President Xi Jinping and his inner circle, were behind layers of opaque investment vehicles that would have profited from the world’s largest stock listing. The information added to concerns about financial risk and anger at Ma’s outspoken criticism.
source https://www.wsj.com/articles/china-blocked-jack-mas-ant-ipo-after-an-investigation-revealed-who-stood-to-gain-11613491292?mod=pls_whats_news_us_business_f
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