China investigates Ant Group’s IPO approval process: Report

China is investigating how Ant Group founder Jack Ma got speedy approvals for the company’s stock listing last year, the Wall Street Journal reported on Tuesday, citing people with knowledge of the matter.

The central-government investigation, which started early this year, focuses on “regulators who greenlighted the initial public offering, local officials who advocated it and big state firms that stood to gain from it”, according to the report.

Ma’s relationships with these “state stalwarts” are also being examined as part of the investigation, the report said.