Ant Group, the world's highest-valued fintech company backed by billionaire and Alibaba cofounder Jack Ma, suffered a crushing defeat by Chinese regulators on Monday after they buried Ant Group’s $39.5 billion IPO and announced a sudden reshaping of China’s entire fintech landscape. Ma’s shares were reportedly worth about $17 billion, and the IPO would have increased his net worth to $80 billion, making him the richest man in the world. The Beijing-based regulators announced three days before Ant Group's public sale a slew of new rules that would reset the landscape for technology companies in China. On November 2, regulators told Ma, "in the future, greater financial inclusion driven by internet platforms would take a back seat to financial stability and protecting traditional lenders, which are still important policy levers in the developing economy." Shares of Alibaba, which owns a third of Ant, plunged 9.6% in price on the Hong Kong exchanges on Wednesday, then fell 8.1% in New York on Tuesday. This company lost nearly $76 billion in market value, more than double the amount Ant was planning to fundraise on the Hong Kong and Shanghai stock exchanges. Alibaba is listed in both the US and Hong Kong, and had previously broken the record for biggest stock market debut in 2014. The Communist Party seems to be sending a clear signal to the world that it is not afraid to put ceilings on its own private companies. Read the timeline of events for Ant Group.