I believe the Chinese government stepped in because they realized that they had to regulate these companies, so that they don’t … get too big. Ant operates Alipay, which is one of China’s most popular mobile payment systems. It is also provides everything from wealth management to micro loans, and sells financial technology to enterprises.But the fintech firm’s IPO, which would have been the biggest ever, was pulled at the last minute after Chinese authorities said there were “major issues” with the listing. “As you know, that sector in China has grown by leaps and bounds,” he said. “And now I believe the government is realizing that they cannot let this get out of control, because it’ll jeopardize the entire financial structure.”Changing world of paymentsSpeaking on the same panel, Douglas Flint, chairman of asset manager Standard Life Aberdeen, said the Ant IPO suspension indicated a need for central banks and regulators to have control of financial stability.He highlighted how many of today’s payments, money transmissions and investments had gone online.“While that is good for consumers and good for competition and good for lowering the cost of intermediation, I think that regulators and policymakers are beginning to get nervous given the scale of dominance that could happen,” he said. “I think there’s a financial stability issue that caused the cause the IPO to be pulled back.” The suspension of Ant Group’s initial public offering (IPO) is a sign of the times, according to veteran investor Mark Mobius, who is the founder of Mobius Capital Partners. Ant, an affiliate of Jack Ma’s Alibaba, was all set for a $34.4 billion dual listing in Shanghai and Hong Kong last Thursday.- Advertisement – While China appears to have concerns about some companies getting too big, it is keen to rapidly scale others in different industries.Fiona Frick, CEO of asset manager Unigestion, said on the same panel that China wanted to become “more independent” in certain sectors of tech, naming the semiconductor industry as one example. Going forward, she said her firm was more positive on emerging markets, especially in Asia, than it was on Europe. “They’ve been managing their Covid crisis much better than us,” she said, adding that she’s particularly positive on tech in these countries. – Advertisement – “The Chinese government is waking up to the fact that they cannot allow these companies that dominate a particular sector and particularly the financial sector,” said Mobius on a virtual panel at CNBC’s East Tech West conference.“I believe the Chinese government stepped in because they realized that they had to regulate these companies, so that they don’t … get too big,” he said, adding that other emerging markets have the same concerns. “A lot of it is related to privacy and other factors.”Asked if he thinks Ant is an isolated case, Mobius said “definitely not” and warned that the Chinese government may look to regulate the technology industry further.- Advertisement – – Advertisement –
By Lonnie WheatleyDODGE CITY, Kan. (June 25) – Brendon Gemmill turned in a dominant performance to capture his first 20-lap Xtreme Motor Sports IMCA Modified feature win of the year during Saturday’s H&H Roofing Night atop the 3/8-mile Dodge City Raceway Park clay oval.Gemmill started the 20-lap IMCA Modified feature event from the front row outside and led throughout to capture the win by nearly a straightaway.After a pair of incidents eliminated one-third of the 21-car field before a lap was completed, Gemmill gunned into the lead and was a straightaway ahead of Tracy Link and Ryan Heger when the caution flew after eight laps.While his lead was erased, Gemmill wasted little time reestablishing his advantage and held it to the line. In his wake, Heger raced into second and held the spot the rest of the way with Link, Tom Beavers and William Nusser rounding out the top five.In the 12-lap IMCA SportMod main event, Jeff Kaup took over at the midway point and raced on to his third victory of the year.While three-time and reigning champ Kaup worked forward from fifth, Alex Wiens paced the opening handful of laps before running afoul of an infield tire. Kaup assumed the point and led the rest of the way to take the checkered flag ahead of Kevin Tabor and Jeremy Sigler.Michael Pepper kept his roll going in the IMCA Sunoco Stock Cars with a late move around Marlin Hogie to win the 12-lapper.Hogie led the opening nine rounds before the defending champion raced by on the high side with just over two laps remaining to capture his fifth win of the season and third in a row ahead of Hogie and Brett Copeland.In IMCA Sunoco Hobby Stock action, Bryan Habiger broke a DCRP victory lane dry spell by winning his first 12-lap feature in several years.Habiger battled past David Berger on the third lap and raced the rest of the way to the checkered flag unabated ahead of Duane Wahrman and Reagan Sellard.