His positioning as an emerging tech oligarch was perceived as a threat by the Chinese leadership, which carried out an extensive crackdown on China's thriving private sector. Ma's criticism of government regulations became a point of contention between the entrepreneur and the government and derailed the initial public offering (IPO) of Ant Group Co., an affiliate company that Ma founded and was part of the Alibaba empire.
Ant Group was set to raise US$34.5 billion in the world's largest IPO at the time which would have propelled the company value to at US$313 billion. However, on the eve of the IPO, China put a stop to it. It was reported that Chinese Community Party leader Xi Jinping had himself scuttled the deal at the last minute.