“The chances that Jack Ma’s Ant Group will be able to revive its massive stock listing next year are looking increasingly slim as China overhauls rules governing the fintech industry, according to regulatory officials familiar with the matter,” Bloomberg reported.

Ant Group is in its early stages to review the changes it has to make in order to comply with the new proposed guidelines, and it may not be able to complete the listing before 2022, the officials stated.

They added that the fintech giant is in discussions with them to ensure that it stays in line with the evolving regulations.

Meanwhile, the Chinese government has launched a “joint task force” to be led by the Financial Stability and Development Committee, a financial system regulator, and departments of the central bank and other regulators. The group will supervise Ant Group and is in regular contact with the firm to study its restructuring and make rules for the fintech industry.

See also: With regulations sharply rising, Ant Group’s Asia investees are more important than ever

Under the new draft guidelines, Ant Group will need about US$12 billion of fresh capital, according to Bloomberg Intelligence estimates. It also needs to apply for new licenses for its micro-lending platforms, including Huabei and Jiebei, as well as a separate financial holding company license.

Ant Group, which was expected to rake in over US$34.5 billion in its dual listing, was halted just two days before its scheduled IPO on the Shanghai and Hong Kong exchanges.