Surprised no one has mentioned “Red Capitalism (2012)” which specifically covers the finance industry in China (pre-AliPay but post reform in the modern era) which gives a clear insight into the sort of banking system Ma tried to shake up and their big role in China’s rise.

https://www.amazon.com/Red-Capitalism-Financial-Foundation-E...

The author is an excellent China Watcher who works at an Australian think tank and basically covers this topic for a living.

His blog post on the matter is a good starting point, which was before the IPO was cancelled, and many before that were prescient.

https://www.lowyinstitute.org/the-interpreter/many-trails-an...