China’s Ant Group Says Founder Jack Ma Will Give up Control

WASHINGTON—E-commerce billionaire Jack Ma I will give up Control He founded Ant Group, the most prominent Chinese financial technology provider.

Ant Group posted a statement Friday stating that, following a restructuring of its ownership, “no shareholder, alone, or with other parties” Will have “control over Ant Group.” Alibaba’s affiliate, the company, is also owned by Ma.

The move follows other efforts over the years by the Chinese Communist Party (CCP) to rein in Ma and the country’s tech sector more broadly. Two years ago, Ma, a once prominent figure, disappeared for 2.5 month after being criticised. China’s regulators.

Ant Group was also forced by the regime to cancel a highly anticipated IPO, which would have raised more than $3 billion just days before launch.

“Jack Ma’s departure from Ant Financial, a company he founded, shows the determination of the Chinese leadership to reduce the influence of large private investors,” Andrew Collier, managing Director of Orient Capital Research.

“This trend will continue the erosion of the most productive parts of the Chinese economy.”

This report was contributed by Reuters

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