Jack Ma, the founder of Ant Group, will no longer be in charge of the Chinese fintech behemoth after the company’s shareholders decided to undertake a series of changes that will result in him giving up most of his voting rights, according to a report.
Jack Ma relinquishes control of Chinese Fintech Giant Ant Group
The decision was made following a regulatory crackdown that derailed Ant Group’s 37 billion dollar IPO in late 2020 and forced the financial technology giant to restructure.
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Chinese Government stops Ant Groups IPO
After the billionaire criticised banking regulators and state-owned banks in October, the Chinese government halted Ant Group’s IPO.
He had called the regulators “old man’s clubs” for “stifling innovation” and equated international banking regulations to them. Ma also called Chinese banks “pawn shops” and criticised China for having a weak financial system. At the time, it cost him dearly for his criticism of the Chinese government. Since then, he has come under increasing pressure from Chinese authorities.
Also Read: Alibaba founder Jack Ma has shifted his base to neighbourhood Japan amid China’s massive crackdown
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