Ma Huateng, chairman and chief executive officer of Tencent Holdings Ltd., attends a news conference in Hong Kong, China, on Thursday, March 21, 2019. Tencent posted a quarterly profit that missed analysts’ estimates after it spent heavily on cloud and mobile payments businesses to offset a gaming slowdown. Photographer: Justin Chin/Bloomberg

Pony Ma, the founder of Tencent Holdings, met with China’s antitrust watchdog officials earlier this month to discuss compliance at his group, according to Reuters.

The meeting is signaling that China’s top regulators are considering forcing Tencent to overhaul its fintech division, folding the operation into a holding company similar to what they’re demanding of Jack Ma’s Ant Group Co.

The threat of a probe has already wiped $170 billion off the company’s value since a January peak. It shares(HKG: 0700) stood largely unchanged Wednesday, but have fallen by 1.5% this morning.