Just days before it shares were due to start trading, Ma and top aunt executives were summoned by financial regulators for a chat.

就在其股票即將開始交易的前幾天，馬雲和高姨媽高管被金融監管部門傳喚談話。

That very same day, new rules targeting ants lucrative and fast growing online lending business were unveiled.

就在同一天，針對螞蟻金服利潤豐厚、發展迅速的網貸業務的新規揭曉。

Shanghai and Hong Kong Stock Exchange is then suspended the AIPO, citing disclosure requirements.

滬港通則以資訊披露要求為由，暫停AIPO。

It's a huge and dramatic setback for Mama and aunt.

這對媽媽和姑姑來說，是一個巨大而戲劇性的挫折。

The company would have been valued at over $300 billion.

該公司的估值將超過3000億美元。

And worryingly, the intervention underscores a much tougher approach towards China's Fintech pioneers.

而令人擔憂的是，這一干預措施凸顯了對中國金融科技開拓者更強硬的態度。

Just last month, Ma had criticized financial regulators of stifling innovation, and Beijing is responding with new rules that would treat aunt and its peers more like banks rather than technology companies.

就在上個月，馬雲曾責備金融監管機構扼殺創新，而北京也在用新規則來回應，這些新規則將把姨媽和同行們看得更像銀行而不是科技公司。

The share sale will probably still continue at some point, but it could also shrink, depending on the impact of the new rules on ants business models.

售股可能在某個時間點仍會繼續，但也可能會縮水，這要看新規對螞蟻商業模式的影響。