Divide and control

Beijing wants to break up Alipay, the 1-billion-plus-user super-app owned by Jack Ma’s Ant Group, and create a separate app for the company’s highly profitable loans business. Chinese regulators have already ordered Ant to separate the back end of its two lending businesses, Huabei, similar to a traditional credit card, and Jiebei, which makes small unsecured loans, from the rest of its offerings and bring in outside shareholders. Financial Times

1,788 2,138 23.74 2,916 9,685 20,427 2,339 34,368 3,109 136.66 72.79 159.11 2,949 5,768 9,300 7,345 1,828 1,027 2,420 24.72 2,717 9,421 19,829 2,400 33,375 2,986 144.95 72.29 154.08 2,992 3,175 5,997 9,650 7,471 1,950 2,297 27.10 1,752 6,690 14,785 1,855 17,998 2,392 124.98 39.05 49.45 3,255 3,160 4,999 7,388 7,668 1,687 838 2,123 22.13 1,703 6,375 14,219 1,733 17,150 2,307 114.74 36.90 49.45 7,330 6,850 1,971 1,306 3,013 29.33 2,916 10,449 20,427 2,494 36,336 3,109 238.64 77.79 159.11 3,782 6,000