Jack Ma May Be Divesting His Stake In Ant Group, Giving Up Control: Reuters

Benzinga2021-04-18

Ant Group along with Chinese regulators reportedly are working out a way forward for the company and exploring ways for Jack Ma to exit. What Happened: Jack Ma, founder of Ant Group, reportedly may ...

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YNWA07
2021-04-19
YNWA07
Nonsense
- GTJW18:
  Why leh?

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But an Ant Group spokesperson issued a statement to the outlet, saying Ma's exit \"has never been the subject of discussions with anyone.\"\nSources told Reuters the company hoped Ma's stake would be sold to Ant investors or Alibaba Group Holding Ltd (NYSE: BABA) without the involvement of any external entity.\nThis past week, following an ultimatum from the People's Bank of China, the country's central bank, Ant said it would become a financial holding company that falls under the purview of the Chinese central bank.\nThe news of Ma's exit came a week after Alibaba was hit with a record .8 billion fine.\nWhy It Matters: The outspoken Ma has long been the most visible figure of China's economic rise and stands out in a culture where getting attention at high levels can draw unwanted scrutiny.\nLast October, Ma criticized China's banking sector as operating with a \"pawnshop mentality.\" The government scuttled the planned blockbuster Ant Group IPO shortly after Ma made the comments.\nThe Chinese government blocked Ant Group's IPO last November. The Chinese fintech's public listing of $37 billion was set to be the largest in history.\nLast year, the People's Bank of China instructed Ant Group to \"rectify\" how it does business.\nAnt's businesses include Alipay, China's largest digital payments company, an open insurance marketplace, and the Ant Fortune asset management and retirement planning platform. 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