JACK MA GIVES UP CONTROL OF ANT GROUP

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The billionaire founder of Ant Group, Jack Ma, is to give up control of the Chinese fintech giant after a regulatory crackdown. Ant Group said that after the change no-one would have overall control. Mr Ma has not been seen in public since criticising China's financial sector in 2020. Following that criticism, Ant Group's planned stock market flotation was abruptly halted.

Ant Group runs Alipay, the main online payment system in China, which has eclipsed cash, cheques and credit cards. Mr Ma, a former English teacher who founded e-commerce giant Alibaba, directly and indirectly controls more than 50% of Ant Group. However, after the changes in governance structure, he will control just over 6%, according to an Ant Group statement.

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