The world's largest IPO - Ant Group's $35 billion dual-offering - is in peril as the Shanghai Stock Exchange has suspended the listing amid questions about regulatory compliance.
As a reminder, Ant is the parent of Alipay, a payments service spun out of Alibaba.
This decision follows reports that four Chinese regulators including the central bank and banking watchdog called billionaire Jack Ma and Ant Group Co.'s top executives to a rare joint supervisory interview on Monday, underscoring rising government scrutiny of the company before its stock-market debut.
"Ant Group will implement the meeting opinions in depth," the company said in a statement. It will follow guidelines including stable innovation, an embrace of supervision and service to the real economy, it said.
The FT reports that the meeting came after Mr Ma criticised China's state-owned banks at a financial summit in Shanghai at the end of October.
Mr Ma called the Basel Accords an "old peoples' club," and suggested the big banks had a "pawnshop mentality" and that Ant was playing an important role in extending credit to innovative but collateral-poor companies and individuals.