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Jack Ma cedes control of Chinese fintech giant Ant Group
Jack Ma had previously held more than 50 percent of voting shares at Ant Group.
China pushes Alibaba founder Jack Ma to downsize his finance business
China’s crackdown on Jack Ma’s empire is far from over: The country’s regulators have ordered the Ma-founded Alibaba affiliate Ant Group to scale down its business. Ant Group started out as Alipay, which became China’s largest digital payment platform, though it eventually expanded to offer investment and savings accounts, as well as lending, insurance and wealth management services. Pan Gongsheng, the deputy governor of China’s central bank, called those services “illegal” and said the company must “strictly rectify” those activities.
