Jack Ma gets a warning from China on Ant’s rapid expansion

China warned Jack Ma and senior Ant Group Co. executives that the fintech giant will face new curbs on its expansion, highlighting growing regulatory risk for the world’s largest initial public offering just days before its trading debut.

Ma, Ant’s billionaire co-founder and one of China’s most powerful businessmen, was summoned to a rare joint meeting on Monday with the country’s central bank and three other top financial regulators. While neither side disclosed details of what was discussed, people familiar with the matter said Ant’s leadership team was told the company will face increased scrutiny and be subject to restrictions on capital and leverage similar to banks.