'Financial stability is political': Inside China's crackdown on tech giants

President Xi Jinping urged financial regulators to 'dare to' master their supervisory role

Jack Ma’s vision of the future of finance in China is being upended by regulators, along with the ambitions of conglomerates that followed his lead.

Ma’s Ant Group Co. is in talks with regulators about injecting capital into its micro-lending units just weeks after its $35 billion initial public offering was halted in a sector-wide crackdown. The listing plans of e-commerce billionaire Richard Liu’s JD Digits Technology Holding Co. have also been thrown into limbo. Lufax Holding Ltd. had to renegotiate terms with some shareholders after its recent IPO valued China’s largest listed online lender at less than a previous