Alibaba founder – billionaire Jack Ma further withdraws from online empire – News




Alibaba founder – billionaire Jack Ma continues to withdraw from online empire – News – SRF

























Skip to content






contents

  • Chinese billionaire Jack Ma cedes control of financial giant Ant Group.
  • The founder of the largest Chinese trading platform Alibaba is thus withdrawing further from his online empire.
  • The move comes amid China’s tech crackdown.

This emerges from a message from Ant Group. The Chinese supervisory authorities prevented the fintech giant’s planned IPO two years ago and have since reined in the booming technology sector.

Subsidiary Ant Group


open box
close the box

Ant Group, formerly known as Ant Financial, is a subsidiary of Chinese fintech giant Alibaba Group. Other subsidiaries are Alibaba.com or AliExpress.

The departure of apparently disgraced founder Ma could reignite plans for an IPO for Ant Group. However, Chinese stock markets require a waiting period of two to three years after such corporate governance changes. Hong Kong, on the other hand, only has one year.

IPO prevented

Ant Group is behind the Chinese mobile payment system Alipay with more than a billion users. The IPO planned for 2020 was to be the largest in the world at $35 billion and failed at the last minute due to regulatory authorities.

Legend:

Jack Ma, billionaire and founder of the Alibaba Group.

Archive/REUTERS/Charles Platiau

Since then, the 58-year-old multi-billionaire has largely withdrawn from the public eye, according to press reports he lived longer in Japan last year and was seen by chance in Thailand last week.


SRF 4 News, 07.01.2023, 10:00 a.m.;



Well informed at all times!

Receive all news highlights directly via browser push and always stay up to date.

Close


Well informed at all times!

Receive all news highlights directly via browser push and always stay up to date. More

Push notifications are brief notifications on your screen with the most important news – regardless of whether srf.ch is currently open or not. Click on one of the links to go to the corresponding article. You can opt out of these communications at any time. Fewer

You have already hidden this notice about the activation of browser push notifications several times. Do you want to permanently hide this notice or be reminded of it again in a few weeks?

Most Read Articles

Scroll left


Scroll right





source site-72