Jack Ma is ceding control of his fintech giant Ant. The move was expected, yet investors clearly see Ant's rehabilitation as symbolic. That may be misguided, but any excuse to reevaluate China’s beat-down internet sector will do, says mak_robyn
Beijing may be easing up on technology champions, but that might be more expedient than permanent. With the economy faltering after years of pandemic lockdowns while overseas demand cools, China needs big tech giants to stop slashing headcounts for the moment. Alibaba's revenue is forecast to rise just 3% in the current fiscal year, according to averaged analyst forecasts on Refinitiv.
Elsewhere state-owned companies are pushing into the commanding heights of development, while cybersecurity and censorship obligations continue to complicate private investment. There is always risk of over-celebration, but any excuse to reevaluate the prospects of China’s beat-up internet sector will do.Chinese financial technology company Ant on Jan. 7 announced its founder Jack Ma will give up majority control of the company as part of a broader "corporate governance optimization".
Ma held more than 50% of voting rights in Ant via his investment vehicle, Hangzhou Yunbo, which effectively controlled two other entities that owned a combined 53.46% stake in Ant. Under the latest restructuring, his voting share will fall to 6.2%. Ma's ceding of control comes as Ant is nearing the completion of its two-year restructuring, with Chinese authorities set to fine the company more than $1 billion, Reuters reported in November, citing sources.
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