The Chinese authorities have set new conditions for Jack Ma’s financial and technology company Ant Group to enter an exchange.

Now, in order to enter the IPO, the company will have to separate the services of data on potential borrowers into a separate firm, and it will also be strictly regulated. If this condition is met, Ant Group will be able to enter the IPO in the next two years, the agency said. But in this case, the company’s valuation will be much less than the $34.5 billion that Ma was relying on.

In November, the Chinese authorities ordered to pause the stock floatation of Ant Group, which entered the Chinese stock market, due to the statements of Jack Ma. The billionaire criticized the rules regulating the country’s high-tech industry. Ma is no longer on the list of China’s top tech entrepreneurs published by the state-run Shanghai Securities News.