Jack Ma to give up control of Chinese fintech giant Ant Group

According to a statement released by the Chinese fintech juggernaut Ant Group, Chinese businessman Jack Ma will no longer be in charge of the organisation.

The adjustments are meant to lessen Ant’s reliance on the flamboyant Chinese billionaire who assisted in the creation of Ant and co-founded Alibaba Group Holding. Ma still has vote privileges in the company that owns Ant, along with nine other Ant executives and staff members who were also granted voting privileges. As per the reports, they jointly manage the business.

Ma only owns 10% of Ant, a subsidiary of the enormous e-commerce company Alibaba Group Holding.

According to Ant’s initial public offering (IPO) prospectus submitted to the markets in 2020, he is said to have controlled the business through affiliated organisations.

Since making a speech in which he criticised authorities just before the cancelled Ant IPO in 2020, Ma has mostly vanished from the public eye.

The Ant Group initial public offering was postponed by regulators on November 3, 2020. According to media reports, Ant Group was almost set to launch its $34 billion stock debut in Shanghai and Hong Kong.

According to media reports, the initial public offering would have generated more revenue than Saudi Aramco, the government-run oil company, did when it went public last year. Ant would have raised the funds on the other side of the world from New York, which has traditionally been the preferred location for Chinese internet companies to list their companies.

According to a statement from the China Securities Regulatory Commission, officials in China summoned and interrogated Ant Group’s CEO Simon Hu, executive chairman Eric Jing, and controller Jack Ma.