KONTAN.CO.ID - SHANGHAI. Ant Group said on Saturday its founder Jack Ma will no longer control the Chinese fintech giant, as the firm seeks to draw a line under a regulatory crackdown that was triggered soon after its mammoth stock market debut was scuppered two years ago.

Ant's $37 billion IPO, which would have been the world's largest, was cancelled at the last minute in 2020, leading to a forced restructuring of the financial technology behemoth and speculation the Chinese billionaire would have to cede control.

While some analysts have said a relinquishing of control could clear the way for the company to revive its IPO, the change, however, is likely to result in a further delay due to listing regulations.