The mild, the bad and the nightmarish: Three possible scenarios for China's Ant Group

The mild, the bad and the nightmarish: Three possible scenarios for China's Ant Group

Photographer: Qilai Shen/Bloomberg

Two months ago, global investors including Warburg Pincus, Carlyle, Temasek, and GIC were on the cusp of a massive windfall from what would have been the world’s largest initial public offering.