Ant Financial: Controversies around the Biggest IPO in History

Ant Financial IPO was expected to raise $34 billion in its public offering at the Shanghai and Hong Kong exchanges. Jack Ma and his executives were summoned by China’s central bank, the Banking Regulatory Commission, the Securities Regulatory Commission and the State Administration of Foreign Exchange. Huabei is a consumer credit product that allows users to get a credit line ranging from 500 (70 USD) to 50,000 yuan (7,000 USD) It was initially targeted for Taobao and TMall use cases, through the motto of “shop first, pay later”