It wasn’t long ago that China threw open wide its doors to Planet Finance. Although the financial industry still has teething problems in
China, 7% of the Chinese are already buying and selling, while millions more investors join in every month. Western investors are also lining up to benefit from China’s economic growth. Wall Street gave China a clear field for years to make money on the international capital market, for example by facilitating the flotation of Jack Ma’s Alibaba. In 2020, Ma wanted to take his new business public too: Ant Group, makers of the financial app Alipay. But instead of turning to Wall Street, he wanted it
done simultaneously in Shanghai and Hong Kong. That plan put a lot of strain on relations between China and Planet Finance. Who will
determine the rules of the game in the end?