202012 Nov
Cloud-based security service provider Menlo Security raises $100M Series E led
Funding Rounds
202012 Nov

The suspension of Ant Group’s dual IPO was triggered by Alibaba founder Jack Ma’s criticism of China’s financial industry, according to sources for the Financial Times; Ma, who owns ~9 percent of Ant Group, gave a speech last month in which he suggested China’s banks have a “pawnshop mentality”; he also said the country needed a new player to shakeup the personal finance industry; Ma met with regulators shortly before the public listings were pulled - Link People close to Ma asked him to soften his language ahead of the public address, according to Reuters sources; Ma refused because he felt it was important to share his unfiltered views; financial regulators and government leaders were reportedly upset by the comments; the sources also doubt whether Ant Group will be able to reestablish its dual IPO in the coming months; follows a report it may have to spin off its consumer loans unit - Link

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