One post in Weibo about Huabei and Jiebei, two consumer credit services offered on Ant Group’s Alipay platform, attracted 980 million clicks and spawned 40,000 discussions. That followed a regulatory crackdown on net student loans deemed to entice students to borrow more than they can afford. Under the new rules, so-called “microcredit firms” and unlicensed online vendors are banned from extending consumer loans to college students.