This would cap the growth potential of Ant Group, with the newer ventures being the ones with more potential to grow. The report cites the head of China financial research at Jefferies Financial Group. Shujin Chen, as saying that the online payments industry is already saturated in China. And that Ant’s market share there has reached its limit.
That’s the second blow in quick succession that Jack Ma has taken from the Chinese administration. For its part, Ant Group said in a statement that will maintain its business operations for users while it works on complying with the authorities’ demands.