- Chinese billionaire Jack Ma is giving up control of the financial giant Ant Group.
- Thus, the founder of the largest Chinese trading platform, Alibaba, is withdrawing from his Internet empire.
- The move comes amid China’s crackdown on the technology.
This pops up from a message from the Ant group. Chinese supervisory authorities blocked the fintech giant’s planned initial public offering two years ago and, since then, have kept the booming tech sector in check.
The departure of the apparently disgraced founder could reignite Ant Group’s IPO plans. However, Chinese stock markets require a waiting period of two to three years after these corporate governance changes. Hong Kong, on the other hand, only has one year.
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Ant Group is behind the Chinese mobile payment system Alipay with more than 1 billion users. A planned IPO for 2020 was to be the world’s largest at $35 billion and fell through at the last minute due to regulatory authorities.
Legend:
Jack Ma, billionaire and founder of the Alibaba Group.
ARCHIVES / REUTERS / Charles Plateau
Since then, the 58-year-old billionaire has largely withdrawn from the public eye. According to press reports, he lived longer in Japan last year and was accidentally spotted in Thailand last week.
SRF 4 News, 01.07.2023, 10:00 AM; sda/dpa/schn; geta
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