Tuesday, March 28, 2023

Jack Ma relinquishes control of Ant Group

by admin
0 comment

Out of favor with the government

Billionaire Jack Ma relinquishes control of Ant Group

Chinese billionaire Jack Ma cedes control of financial giant Ant Group. The founder of the company and the largest Chinese trading platform Alibaba is thus withdrawing further from his online empire.

Jack Ma, the founder of the financial giant Ant Group and the largest Chinese trading platform Alibaba, continues to withdraw from his online empire. (archive picture)

This emerged from a message from Ant Group on Saturday. The move comes as Chinese regulators cracked down on the fintech giant’s planned IPO two years ago and have reined in the booming tech sector ever since.

The departure of apparently disgraced founder Ma could reignite plans for an IPO for Ant Group. However, Chinese stock markets require a waiting period of two to three years after such corporate governance changes. Hong Kong, on the other hand, only has one year.

Related News

Latest Switzerland News and updates and political news, follow our daily update about the congress and the government roundup, we also provide the latest news from all over the world minute by minute, subscribe to get the latest updates directly to your inbox.

© 2022 All Right Reserved. Switzerland Times