HONG KONG — Billionaire Jack Ma People familiar with the matter said there are plans to give up control of Ant Group Co., part of the fintech giant’s push to pull out of the affiliated company. Alibaba Group Holding after more than a year of unusual pressure from Chinese regulators.
Authorities halted Ant’s $34 billion IPO in 2020 by the eleventh hour and are forcing the tech company to reorganize as a financial holding company held by the central bank of China. National management. As the overhaul is underway, Ant is taking the opportunity to reduce the company’s reliance on Mr. Ma, who founded Alibaba.
