You have heard of Ant Financial but may not remember where from. In December last year Ant was prohibited by CFIUS from buying MoneyGram, a US money transfer company. I wrote about this extensively because it was reciprocity for Alibaba divesting itself of AliPay without telling its shareholders (read Yahoo!) what it was doing. Alibaba owns Ant Financial too. Things have not gone well for Ant Financial since.
Ant had its worst quarter in its short life, ending last week. It lost $353 million in three months.
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