Jack Ma's Ant Group may survive this bump but won't be super-unicorn again

Over the last year, the government has encouraged the growth of consumer finance companies as well as the existing units of banks that deal in the business

The future of Ant Group remains up in the air after its dramatic fall from grace. Regulators seem to have stopped short of dismantling it and the company is considering a transition to a financial holding company, willing to be regulated like a bank. It’ll be tough. What could Ant ultimately look like?

Bank-like companies don’t command tech-like valuations. Unless, of course, you’re in the booming consumer finance market in China, which is expected to hit 3 trillion yuan ($464 billion) in volumes over the next four years. That’s where credit demand is —and that’s where Ant’s reach is. More importantly,