Derailing of Jack Ma’s Ant Group IPO shows Xi Jinping is in charge

Decision shows party takes precedence on business decisions

China’s move to abruptly halt the world’s biggest stock-market debut sends global investors a clear message: Any financial opening will only be done on terms that benefit President Xi Jinping and the Communist Party.

Policy makers in Beijing shocked the investment world on Tuesday by suspending an initial public offering by Ant Group Co, owned by billionaire Jack Ma — China’s second-richest man. The timing of the decision showed once again that for Xi and the party, financial and political stability take precedence over ceding control of the economy — especially to a private company. In Beijing’s view, allowing the IPO to go forward could effectively give Ant Group too much sway over the financial system, posing broader risks that could ultimately undermine the party’s grip on power.

For foreign investors, the Ant saga has raised questions about the viability of Hong Kong and Shanghai as premium financial centers. That’s particularly so after China last week signalled greater openness in a new five-year plan that put a timeline on moving forward with past promises of allowing greater foreign access and gradually relaxing controls over the yuan and capital flows.

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