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Two months ago, global investors including Warburg Pincus, Carlyle, Temasek and GIC were on the cusp of a massive windfall from what would have been the world’s largest initial public offering.

Now, returns on the hundreds of millions of dollars they invested with Ant Group Co. are in jeopardy. On Sunday, 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.

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