The story highlights the ways in which Beijing has sought to rein in the man who is arguably its best-known businessman and whose business has ruffled regulatory feathers.

The saga of Jack Ma and his Ant Group business – which was suddenly prevented on 2 November from going ahead with a $34 billion IPO – continues. A news report said that Ant Group is exploring options for Ma, its founder, to spin off his stake in the financial technology giant and give up control.

Meetings with Chinese regulators signalled to the company that such a move by Ma could help draw a line under Beijing's scrutiny of its business, Reuters reported, citing unnamed sources.

Last year, it was reported that Ma, one of China’s most recognisable businessmen, in a meeting with Chinese regulators, had offered to hand over parts of Ant to the Chinese State.

Officials from the central bank, People's Bank of China (PBOC), and financial regulator China Banking and Insurance Regulatory Commission (CBIRC) held talks between January and March with Ma and Ant separately.

The talks come at a time when Ant Group is being revamped, and when Chinese financial regulators are tightening controls on fintech firms due to concerns about excesses of credit.

Last year, it was reported that President Xi of China personally ordered Chinese regulators to investigate the risks posed by Ant, according to Chinese officials with knowledge of the matter, and to shut down the IPO. The saga casts light on how the world’s second-biggest economy, which like others has been hit by the COVID-19 pandemic, has sought to prevent fissures opening in its financial system. Chinese regulators had been concerned that their ability to control financial flows – and prevent future stresses – was challenged by tech-driven financial services organisations such as Ant Group.

Ant Group is an affiliate of the e-commerce giant Alibaba which Ma founded. When Ant Group’s share listing was suddenly cancelled a few days before the event, it stunned investors.