They say talk is cheap. Tell that to Jack Ma.

Corporate China’s shiniest star was just days away from seeing his Ant Group list on the stock market in a record $37 billion deal, when he chose to launch a blistering public attack on the country’s financial watchdogs and banks.

The regulatory system was stifling innovation and must be reformed to fuel growth, billionaire Ma told a summit in Shanghai on Oct 24 attended by the great and the good of China’s financial, regulatory and political establishment.

Chinese banks, he said, operated with a “pawnshop” mentality.

It was this speech that set off a chain of events ...