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Ant rehabilitation or tech rectification?

If the Ant IPO is back on, as some are reporting, this is less likely to signal that the regulatory crackdown is being rolled back than that regulators feel they have successfully brought the formerly free-wheeling company to heel. More broadly, ceasefire in the regulatory crackdown would lead to less policy uncertainty, which investors would welcome. But it would also leave business conditions in China fundamentally changed.

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