Yes, the original argument was essentially sparked because AliPay was doing a bunch of lending that wasn't really compliant with regulations and there was some

Yes, the original argument was essentially sparked because AliPay was doing a bunch of lending that wasn't really compliant with regulations and there was some discussion about whether the regulators would step in before the IPO. That's what caused Ma's speech about how the regulations were out of date. Whether that concerns was legitimate? Who knows.