Jack Ma Plans to Cede Control of Ant Group

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HONG KONG—Billionaire Jack Ma plans to relinquish management of Ant Group Co., folks conversant in the matter mentioned, a part of the fintech large’s effort to maneuver away from affiliate Alibaba Group Holding Ltd. after greater than a 12 months of extraordinary stress from Chinese language regulators.

The authorities halted Ant’s $34 billion-plus IPO in 2020 on the eleventh hour and are forcing the expertise agency to reorganize as a monetary holding firm regulated by China’s central financial institution. Because the overhaul progresses, Ant is taking the chance to cut back the corporate’s reliance on Mr. Ma, who based Alibaba.

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