Jack Ma to cede control of China's Ant Group - WSJ

STORY: Jack Ma plans to give up control of China's Ant Group.

That's according the Wall Street Journal on Thursday (July 28).

The Chinese billionaire only owns a 10% stake in Ant, but he has control over the company through related entities.

The Journal said Ma planned to move some of his voting power to Ant officials.

Ma has been restructuring his huge e-commerce and fintech empire over the last few years.

He started doing so after a regulatory clampdown on the industry by Chinese regulators from late 2020 onwards.

Ma was a flamboyant leader of Alibaba but he has kept a low profile ever since.

The Journal said Ant had informed officials of Ma's intention.

That as the firm prepares to become a financial holding company regulated by China's central bank.

Any change in control at Ant could further slow plans to revive its initial public offering.

Regulators derailed Ant's planned $37 billion IPO, which would have been the world's largest.

Now China's domestic A-share market requires companies to wait three years after a change in control to list.

Earlier this week, Alibaba's annual reports showed Ant executives are no longer part of Alibaba Partnership - a further sign the two were decoupling.

Ant and Alibaba did not immediately respond to a requests for comment on the Journal's report.

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting