HONG KONG -- Jack Ma's Ant Group is being forced by Beijing into a comprehensive overhaul after a significant tightening of regulations around China's top online financial platform halted plans for the world's largest initial public offering.
Ant, which was set to raise up to $39.6 billion this week in Shanghai and Hong Kong, will have to boost capital and liquidity buffers at key units which make small loans online, a vital part of its business. The measures could dampen the company's profitability and slow its growth.
