China warns Jack Ma, Ant Group on rapid expansion citing regulatory risks

Ant has faced censure in Chinese state media after Ma last month criticized local and global regulators for stifling innovation

China warned Jack Ma and senior Ant Group Co. executives that the fintech giant will face new curbs on its expansion, highlighting growing regulatory risk for the world’s largest initial public offering just days before its trading debut.

Ma, Ant’s billionaire co-founder and one of China’s most powerful businessmen, was summoned to a rare joint meeting on Monday with the country’s central bank and three other top financial regulators. While neither side disclosed details of what was discussed, people familiar with the matter said Ant’s leadership team was told the company will face increased scrutiny and be subject to restrictions on