Except what Ma was doing with Ant IPO was what Wall Street did before 2008 that caused the 2008 crash. He was going to pump and dump shares, leaving Chinese taxpayers with the burden of bailing out the resulting mess.

He couldnt do it in Europe either. Regulators dont allow that. There is no reason why he should be able to do it in China.

The main problem is that such things are still unregulated in US after Obama removed the regulations that were placed after 2008 crash right before he left office. So US economy is headed for the same kind of pump and dump again.