The Jack Ma story is that he tried to build a predatory peer to peer lending startup to profit off of working class people getting into high interest debt traps (because they aren't credit worthy for normal credit issued by regulated banks). Which is against the law in China. China is very strict in all things that resemble shadow banking, MLM schemes etc, they even have a .1 % tax on every transaction on the HKSE, to prevent a financialization of the economy like it happened in the West.
This is wrong. Ma was put down because of a speech he made attacking the banking system as outdated and needing reform. It was the P2P lending given that the whole thing was the government's own initiative from the late Li Keqiang and they approved the IPO right till the speech.
This not exactly wrong, but also not right / poor timeline & PRC domestics politics reading.
LKQ was pushing P2P lending / light regulatory on internet finance in ~2015.
Ant group exploited light guidance into basically shadow banking with systemic risk over next few years. PBOC had to step in to fix bad LKQ guidance.
PBOC issued rules regulating P2P lending loopholes one month before Ant Group IPO specifically calling out Ant Group. Anyone not retarded knew this means Ant Group must reform for smooth IPO, i.e. politically securities watchdog approval was going to be predicated on PBOC instructions being taken seriously. Then Jack Ma did a full retard and tried to challenge PBOC, so IPO blocked.
Well 50% retarded because ANT record breaking 300B IPO was predicated on Ant continuing to exploit low leverage shadow banking that socialized loss to state banks - hence PBOC mandated internet finance P2P to fund 30% of loans vs 2% ANT was getting away with, which would have tanked IPO.