Ant Group is the latest Chinese Communist Party company to seek to tap the savings of unwitting U.S. investors and others to raise immense amounts of money. More akin to termites than ants, it hollows out data collected from sources like American military personnel, to their detriment and our nation’s.
That’s why two years ago the Committee on Foreign Investment in the U.S. blocked Ant’s purchase of Moneygram, a fund-transfer service popular with service members. Now, the company is preparing to launch an IPO expected to garner $30 billion.
Originally, that was supposed to happen on Wall Street. Faced with growing concern about Chinese listings there, the IPO will be offered on Chinese markets. But U.S. financiers will be pushing their clients to subscribe.
American patriots don’t want to underwrite our enemy. Wall Street must be called out for continuing to do so.
This is Frank Gaffney.