Ant Group’s planned November IPO was scrapped after Chinese authorities amped up its regulatory pressure on the fintech giant. The company is now back at the drawing board in terms of adopting significant regulations it must become compliant with, potentially altering its business model.
The ramp up in regulatory pressure in Ma’s businesses came weeks after Ma criticized China’s financial regulatory system at a conference in Shanghai. Ma reportedly dismissed the China’s global financial regulations as “an old people’s club” and said that “we can’t use yesterday’s methods to regulate the future.”
Ma has not been seen in public in more than two months and he was abruptly replaced as a judge on an African entrepreneurship TV show he founded late last year, called Africa’s Business Heroes, according to a report from Yahoo Finance.