Post Covid-19 cold war world will be a tough place for Jack Ma's Ant Group

China sales account for about 95% of Ant's revenue. Yet overseas expansion is destined to become more important to the company

Ensconced in a lucrative niche at home, Jack Ma’s Ant Group nevertheless has to look outward. And expanding overseas has never looked so difficult for China’s biggest payments app, even with the war chest from what may be a world-record initial public offering.

Ant will have no problems raising the $30 billion it’s seeking in this mega-IPO. Few investors will pass up the chance to buy into the owner of Alipay, a super-app that offers access to everything from insurance and funds to loans and even groceries. For U.S. institutions, the lure of the world’s most valuable unicorn is likely