$37 billion dual listing set for Thursday The Shanghai and Hong Kong stock exchanges on Tuesday slammed the brakes on the upcoming debut for the Fintech giant.

Thes stunning AIPO suspension came one day after ants billionaire founder Jack Ma was summoned to a meeting with Chinese financial regulators, which the Shanghai Stock Exchange described as a quote.

Major event sources told Reuters that Ma was told at that meeting The company's lucrative online lending business faced tighter government scrutiny after the meeting and said it may not meet listing qualifications or disclosure requirements.

MAS meeting with regulators came on the same day Chinese authorities published new draft rules for online micro lending.

He recently bashed tighter Chinese financial regulations on FINTECH companies, which he has called outdated and badly suited to industry innovation and sincerely apologize to investors for any inconvenience caused by the suspension, and said it will keep in close communication with the Shanghai Stock Exchange and relevant regulators.

With ants record setting I P o for Thursday now canceled investors are taking out their frustrations on ants.

Sister company Alibaba Shares of the online marketplace tumbled 9% in U.

S trade, wiping out $76 billion in market value.

That's more than double the amount aunt was supposed to raise in its I.

P O.