Until recently, Ma was China's richest man, with a fortune of more than $60 billion.
"He is being less visible, purposefully," CNBC reporter David Faber said after noting that he has closely covered Ma. "And you can expect for that to be the case for some time."
The IPO was touted as the largest in history — projected to sweep past the world's biggest banks — and it positioned Ant as a fintech disruptor in the "stodgy" banking sector.
Beijing wants more oversight of Ma's financial empire: Ma's Ant Group has reportedly been forced to create a separate holding company for the group's financial operations.
Beijing will investigate e-commerce site Alibaba over alleged anti-monopolistic practices, and urge Ant Group to implement stricter financial regulations, regulators said.