China’s regulators are trying to get Jack Ma to do something the beleaguered billionaire has long resisted: share the troves of consumer-credit data collected by his financial-technology behemoth. Mr. Ma has little room to bargain after the business empire he has built over decades has lalded in the crosshairs of regulators and even President Xi Jinping, partly reflecting Beijing’s concern that the flamboyant entrepreneur has been too focused on his business fortunes rather than the state’s goal of controlling financial risks.
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