Jack Ma was once hailed in China as a model of success, but he faced increasing trouble with the Chinese government, especially after he criticised the banking regulators.
One of China’s most influential financial tech companies, Ant Group, said that billionaire entrepreneur Jack Ma planned to relinquish control of the company.
what would have been a blockbuster initial public offering in 2020 and later fined Alibaba a hefty $US2.8 billion for abusing its dominance. Last year, Ant Group said it would undertake a major government-ordered overhaul of its business to address regulators’ concerns about unfair competition and the amount of data it collects on users.exert greater state control over the economy
Ma was once hailed in China as a model of success, but he faced increasing trouble with the Chinese government, especially after he criticised the nation’s banking regulators in late 2019. In recent years, he has largely disappeared from public view.Ant Group said in an announcement on Saturday that Ma would no longer be the “control person” who holds 34 per cent of the company’s shares. Instead, he would be one of 10 major shareholders.
It was not immediately clear how Ma’s retreat from Ant Group might affect any plans the fintech giant might have for resuming its IPO. But it will probably be delayed because of listing requirements. The Hong Kong Stock Exchange requires a one-year waiting period after a change in ownership; other markets require two or three years.
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