TSMP joint managing partner Stefanie Yuen Thio commented in a 4 November 2020 Straits Times article on the abrupt suspension of the Ant Group’s IPO due to new rules for fintech companies.

She said she was surprised by the timing of the suspension as laws are not made overnight.

“Surely the regulatory issues would have been sorted out prior to the IPO (initial public offering) launch,” she said.

“This episode is an important reminder that even as we marvel at the ascendancy of China as an economic and financial powerhouse, a different approach to dealing with its authorities is needed. If even Jack Ma can be hobbled like this, smaller players must proceed with caution,” she added.