Beijing: Alibaba founder and Chinese billionaire Jack Ma resigns control of Ant Group. Control of the Ant group was now under the ten-member group. Ant Group is the largest fintech platform in the world. Jakma’s planned IPO was stalled due to the displeasure of the Chinese government.
Ants’ $3.7 billion IPO was scrapped in late 2020, leading to a forced restructuring. The move was to raise $3700 crore by listing in China and Hong Kong, thereby boosting the market capitalization of financial services firm Ant Group to $280 billion.
With Jack Ma relinquishing control, Ant Group will need more time to get to market with an initial public offering.
Jack Ma had long since disappeared from the public eye. There were reports that Jack Ma had been arrested by the Chinese government. Jack Ma has disappeared following a Chinese regulatory crackdown on Alibaba’s operations.
