Ant turning from windfall to nightmare for its global investors

Authorities berated Ant for sub-par corporate governance, disdain toward regulatory requirements, and engaging in regulatory arbitrage

Two months ago, global investors were on the cusp of embracing a windfall from what would have been the world’s largest initial public offering. Now, returns on the hundreds of millions of dollars invested with Ant Group Co. are in jeopardy.

China ordered Ant to reexamine its fintech businesses -- spanning from wealth management to consumer credit lending and insurance -- and return to its roots as a payments service.

While the central bank’s statement on Sunday was short on specifics, it presents a serious threat to the growth and most lucrative operations of billionaire Jack Ma’s online finance empire. Regulators