China regulators going after ANT was a power play;  Jack Ma had the audacity to criticize China regulators and they wanted to ensure he knew who was in charge.  You will see a much more humble ANT going forward and their growth is not only going to be limited but you will see them divest a number of businesses to reduce size ('get back to their roots' as stated in the government announcement).  

As far as PKK goes, this is all good news.  PKK is ensuring municipal government approval for their ventures; politically, it is the smartest way for PKK to go. China doesn't want to stop innovation as much as it clearly wants to see more smaller-competitor competition in the Fintech space to keep ANT in check. The last thing ANT can afford is to be viewed as impeding/squashing PKK so that threat is now gone. While the prospect of a buyout at a premium is gone the business path forward is clear. If PKK stays politically in-favor, they will grow substantially.