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Ant Group founder Jack Ma to give up control in key revamp

Ant Group's founder Jack Ma will give up control of the Chinese fintech giant in an overhaul that seeks to draw a line under a regulatory crackdown that was triggered soon after its mammoth stock market debut was scuppered two years ago. Ant's $37 billion IPO, which would have been the world's largest, was cancelled at the last minute in November 2020, leading to a forced restructuring of the financial technology firm and speculation the Chinese billionaire would have to cede control. While some analysts have said a…

Billionaire Jack Ma plans to cede control of China’s Ant Group, claims report

Chinese billionaire Jack Ma plans to cede control of Ant Group, the Wall Street Journal reported, after a regulatory crackdown that scuppered its $37 billion IPO in 2020 and forced a restructuring of the financial technology behemoth. While Ma only owns a 10 percent stake in Ant, an affiliate of Alibaba Group Holding Ltd., he exercises control over the company through related entities, according to Ant's IPO prospectus filed with the exchanges in 2020. Hangzhou Yunbo, an investment vehicle for Ma, has control over two…