China would have held the world record for the biggest initial public offering if Ant group had listed in November 2020. At the time, the financial services business planned to raise $37bn, valuing it at about $315bn. Alibaba’s payments affiliate may never get back to that valuation. But it still holds the key to stemming outflows from Chinese stocks. Conflicting reports on whether an Ant listing will go ahead have triggered wild swings in Alibaba’s US-listed shares in the past two months. China’s regulator denied stories it has started discussions on reviving the transaction. The volatility brings back memories of...