China's shoppers turn Jack Ma's Ant Financial into a debt giant

Shanghai

THEY'VE made billions of dollars helping sell everything from iPhones to hairdryers on China's burgeoning online shopping platforms. Now, tech giants led by Alibaba Group Holding Ltd's finance affiliate are making money off the loans consumers use to buy those products.

Amid surging demand from cash-strapped Chinese millennials, companies such as Ant Financial - controlled by Alibaba's billionaire founder Jack Ma - have been extending more consumer loans.