China’s crackdown on cryptocurrencies has increased the volatility of the market, not least with bitcoin miners fleeing and the price of bitcoin plummeting. What are the reasons behind China’s regulatory clampdowns and will other countries follow suit?
Even as the US government blacklists several Chinese companies for being “Chinese Communist military companies” or a national security threat, Wall Street does not seem fazed; investors seem prepared to put their money where their mouth is when it comes to betting on China.
Jack Ma’s fintech company Ant Group had it all planned out. It would bypass American stock exchanges and proceed with a dual listing on the Hong Kong Stock Exchange and Shanghai’s STAR Market, which would have raised an estimated US$34.5 billion, the biggest IPO in history. Now that the IPO has been suspended, what happens next?