The news of the week seems to be that China is probing Ant Group’s fast IPO approval process. First reported by Wall Street Journal, the story then made its way to Bloomberg, and many other news outlets added in.

Here is what Bloomberg wrote:

The investigation, being carried out by officials from multiple agencies, has for several months inquired into the process by which China’s securities regulator approved the public offering, the people said, asking not to be identified discussing a sensitive matter.

However, we find it highly improbable in the Chinese political context.

The reported investigation is unlike complex things like Ant’s structure, which might cause issues including systemic risks if not investigated, and dealt with properly.

Imagine you are a bureaucrat in China, and for such a simple investigation you are taking more than a couple of months. How would your big boss react?

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Thanks for reading The Low Down (TLD), the blog by the team at Momentum Works. Got a different perspective or have a burning opinion to share? Let us know at [email protected].