A blockbuster $34.5 bn IPO: Here is what's at risk for Jack Ma's Ant Group

Ant's meteoric rise was made possible in part by China's willingness to let it experiment

Few initial public offerings have aroused more anticipation than the blockbuster listing of Jack Ma’s Ant Group Co.

Demand for the record $34.5 billion IPO has been so strong this week that Ant decided to stop taking orders from big investors a day earlier than planned. In Shanghai, initial bids exceeded supply by more than 280 times. Some mom-and-pop investors in Hong Kong are taking on 20 times leverage to supercharge their bets.

Still, a smash-hit IPO doesn’t always translate into a long-term winner for investors. In Ant’s case, what could go wrong?

Here are some of the biggest risks:

Regulation
 

Ant’s meteoric rise