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Ant Financial's Alipay held 55 percent of China's mobile payments market in 2016, down from 68 percent just a year earlier, according to iResearch Consulting Group. Meanwhile, Tencent's climbed from 21 percent to 37 percent from 2015 to 2016.

Apart from the pensions, they also share out a year-end bonus from the village, which was 10,000 yuan last year. The average income of the 875 villagers reached 62,500 yuan in 2019, which exceeded that of the urban residents of Suzhou, one of the most developed cities in China.

Ant, with 33 percent owned by e-commerce guru Alibaba Group, announced a concurrent IPO plan last month and since then has kicked off a process for what's likely to be the largest fundraising in global finance.

Another defendant, 22-year-old Andrew Yiu Tsz-ho, appeared in court together with Cheong. He was arrested in the same station with Cheong and was charged with the possession of offensive weapon in public place. The offense is liable to imprisonment for up to three years.

Another major Singapore company that has ventured into Shanghai is Jumbo Group. Following its debut in Shanghai in 2013, the group went on to open another two Jumbo outlets in the city and another three in Beijing, Xi'an and Fuzhou.