Billionaire Jack Ma was one of China's biggest success stories. The government turning on him speaks to an animosity against billionaires in the Communist country.

When Jack Ma’s Ant Group IPO was yanked by Chinese regulators last fall, it was easy to view it as merely a sign of China’s firm hand. Ant had ballooned into an independent force alongside the state-controlled Chinese bank system, and the halted listing came just after Ma brazenly and publicly …

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