It's not only Alibaba and Ant Group that are feeling the heat.
Last minute decision suspends world's biggest IPO. But it exposes debates still ongoing about how to regulate fintech companies.
Most people would be content to pull off one of the world's top five IPOs, but Jack Ma is on course for his second.
In the teeth of the crackdown on foreign listed companies, Ant Group has opted for Hong Kong – ultimately to the cost of American savers.