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.
Jack Ma, billionaire founder of Alibaba Group, is shown in photo arriving at the"Tech for Good" Summit in Paris, France on May 15, 2019. Ma will give up control of Chinese fintech giant the Ant Group. REUTERS/Charles Platiau/File Photo
China's domestic A-share market requires companies to wait three years after a change in control to list. The wait is two years on Shanghai's Nasdaq-style STAR market, and one year in Hong Kong. Ma's ceding of control comes as Ant is nearing the completion of its two-year regulatory-driven restructuring, with Chinese authorities poised to impose a fine of more than $1 billion on the firm, Reuters reported in November.
"At least Ant investors can have some timetable for an exit after a long period of uncertainty," said Clark, who is also an author of a book on Alibaba and Ma.Ant operates China's ubiquitous mobile payment app Alipay, the world's largest, which has more than 1 billion users. "As a result, there will no longer be a situation where a direct or indirect shareholder will have sole or joint control over Ant Group," it said in its statement.
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