Ant Group fiasco reflects battle for China’s financial soul

SHANGHAI: China’s last-minute abandonment of Ant Group’s record-breaking IPO stems from an intensifying battle for the soul of the nation’s financial system that the fintech giant and its charismatic leader Jack Ma helped to ignite.

Global markets were stunned Tuesday when Ant’s record-breaking $34 billion IPO was abruptly shelved, frustrating investors eager for a piece of the fast-growing company.

The debacle has prompted head-scratching over how the IPO got so close –- shares were to begin trading Thursday -– only to collapse at the finish line.

Analysts say it was the culmination of an escalating rivalry between Ma, Ant’s co-founder and the billionaire founder of Alibaba, and a state-dominated Chinese…