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Data: Yahoo Finance; Chart: Axios Visuals

China's suspension of Ant Group’s $35 billion IPO is "just the beginning of a renewed campaign by China to rein in the fintech empire controlled by Jack Ma," Bloomberg reported Tuesday.

Details: "Authorities are now setting their sights on Ant’s biggest source of revenue: its credit platforms that funnel loans from banks and other financial institutions to millions of consumers across China," the article noted, citing unnamed sources.

Why it matters: Ant Group's IPO wasn't just set to be the biggest of all time, it was meant to serve as a tentpole of China's growing influence in the global financial sphere.

  • As Axios' Felix Salmon notes: "Ant provides the technology that powers much of the Chinese economy, from borrowing to saving to investments to insurance. A failure of its systems could have devastating consequences for hundreds of millions of people."

What's next: Bloomberg also reports that the China Banking and Insurance Regulatory Commission "plans to discourage lenders from using Ant’s platforms and has already asked some to ensure their portfolios are compliant with stringent draft regulations announced on Monday."

  • The proposed measures call for platform operators to provide at least 30% of the funding for loans. That would render many of Ant’s existing transactions noncompliant, as the company currently keeps only about 2% of loans on its own balance sheet. The rest of the loans are funded by third parties or packaged as securities and sold.

Be smart: All this could probably have been avoided had Ma not railed against financial regulators, said that financial regulation was outdated, and claimed technology companies should not be subject to regulation in recent remarks.

  • The suspension of the IPO puts into limbo bids of nearly $3 trillion from retail investors in China, who play a much bigger role in financial markets than their U.S. counterparts, and a $400 million expected payday for the banks assisting with the listing.
  • The suspension also gut-punched shares of Ant Group's parent company, Alibaba, which will keep an ownership stake of one-third of Ant after the IPO, and Chinese tech companies broadly.

Go deeper

John Kerry: U.S.-China climate cooperation is a "critical standalone issue"

President Biden's special climate envoy John Kerry said Wednesday that the U.S. must deal with China on climate change as a "critical standalone issue," but stressed that confronting Beijing's human rights and trade abuses "will never be traded" for climate cooperation.

Why it matters: The last few years have brought about a bipartisan consensus on the threat posed by China. But as the largest emitter of greenhouse gases, China will be a vital player if the world is going to come close to reining in emissions on the scale needed to meet the Paris Agreement goals of limiting warming to 2°C above pre-industrial levels.

Exclusive: Lawmakers urge probe into DOJ's alleged racial profiling of Asians

U.S. Attorney General Merrick Garland. Photo: Win McNamee/Getty Images/Bloomberg via Getty Images

Nearly 100 members of Congress members urged Attorney General Merrick Garland to investigate the Justice Department's alleged racial profiling of Asians, according to a letter shared with Axios.

Why it matters: The case of Anming Hu, a scientist who was baselessly targeted in an espionage probe, has renewed scrutiny of the DOJ after an FBI agent admitted to falsely implicating the Chinese Canadian.

Updated 1 hour ago - Sports

The Olympic events to watch today

Katie Ledecky. Photo: Al Bello/Getty Images

5 events to watch today...
  • Baseball: USA plays Israel in the opening round at 6 a.m. ET on nbcolympics.com (Watch the replay at 10:30 a.m. ET on NBC Sports).
  • Women’s soccer: USA takes on the Netherlands in the quarterfinals at 7 a.m. ET on NBC Sports (watch the replay at 6 p.m. ET on NBC Sports).
  • 🏊 🚴 🏃‍♀️ Team triathlon: The mixed team relay Triathlon makes its Olympic debut at 6:30 p.m. ET on USA Network.
  • 🏊‍♀️ Swimming finals: Watch Katie Ledecky swim the women’s 800m freestyle final and Caeleb Dressel go for his third gold at this year’s Games in the men’s 50m freestyle. Plus live action from the mixed 4x100m medley relay. Coverage starts at 9:30 p.m. ET on NBC.
  • 🏃‍♀️ Track and field: Athletes compete in prelims and round 1 of several events, including the women’s 400m hurdles and men’s 100m.