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A blockbuster $34.5 bn IPO: Here is what's at risk for Jack Ma's Ant Group

Ant's meteoric rise was made possible in part by China's willingness to let it experiment

Jack Ma
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Ant’s Alipay service revolutionized the way Chinese people pay for things, both online and in physical shops.

Abhishek Vishnoi and Michael Patterson | Bloomberg
Few initial public offerings have aroused more anticipation than the blockbuster listing of Jack Ma’s Ant Group Co.
Demand for the record $34.5 billion IPO has been so strong this week that Ant decided to stop taking orders from big investors a day earlier than planned. In Shanghai, initial bids exceeded supply by more than 280 times. Some mom-and-pop investors in Hong Kong are taking on 20 times leverage to supercharge their bets.

Still, a smash-hit IPO doesn’t always translate into a long-term winner for investors. In Ant’s case, what could go wrong?

Here are some of the biggest risks:

Regulation
 
Ant’s meteoric rise

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