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Jack Ma. Photo by Liu Yang/VCG via Getty Images

The Ant Financial IPO will not go forward as planned Thursday, as Chinese regulators cracked down on what would have been the largest public offering of all time.

Why it matters: Jack Ma, the founder of the Chinese payments giant, gave a major speech at the end of October railing against financial regulation both in China and in the West. That speech resulted in a dressing-down from Chinese authorities — and the end of Ma's dreams that Ant would be able to go public.

Background: The Ant IPO was set to become the largest IPO of all time, split between exchanges in Shanghai and Hong Kong. The Shanghai bourse blocked the listing on Tuesday, citing regulatory issues, and Ant then pulled its IPO entirely.

Go deeper

Nov 17, 2020 - World

Biden's Day 1 challenges: China damage control

Illustration: Eniola Odetunde/Axios

The day he enters the White House, President-elect Joe Biden will inherit a host of China-related challenges that require immediate action, from restoring diplomatic backchannels with China to figuring out what to do about lingering tariffs.

The big picture: Biden must find a way to put the U.S.-China relationship on a more sustainable path while preserving U.S. national security interests and blocking China's efforts to weaken international norms.

Caitlin Owens, author of Vitals
37 mins ago - Health

Nursing homes are still getting pummeled by the pandemic

Data: AHCA/NCAL, The COVID Tracking Project; Chart: Naema Ahmed/Axios

The U.S. has gotten no better at keeping the coronavirus out of nursing homes.

Why it matters: The number of nursing home cases has consistently tracked closely with the number of cases in the broader community — and that's very bad news as overall cases continue to skyrocket.

58 mins ago - Technology

Showdown looms over digital services tax

Illustration: Sarah Grillo/Axios

A fight over foreign countries' efforts to tax big American tech companies' digital services is likely to come to a head in January just as Joe Biden takes office.

The big picture: Governments have failed to reach a broad multilateral agreement on how to structure such taxes. That could leave the American firms that dominate consumer digital services — including Google, Facebook and Apple — stuck with massive tax bills from different countries.

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