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Jack Ma

Ant Group Founder Jack Ma to Give Up Control in Key Restructuring

Jack Ma
Jack Ma, chairman of Alibaba Group arrives at the 'Tech for Good' Summit in Paris, France.

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.

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