(AOF) – Billionaire Jack Ma will cede control of Ant Group, a financial services subsidiary of Chinese e-commerce giant Alibaba. In a statement released on Friday, Ant Group said that after a restructuring, “no shareholder, alone or with other parties” will have control of Ant Group.
Jack Ma has been under pressure from the Chinese authorities since the end of October 2020. He then criticized in virulent terms the financial regulations of his country; leading to a takeover of the Chinese Internet sector, and more particularly of the companies they controlled.
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The serious European adjustment of the Internet giants
An agreement was reached on March 24 on the supervision of Internet giants, with new legislation on digital markets, the Digital Markets Act (DMA). This text aims to regulate the anti-competitive practices of the main players. With the DMA, the European Commission sets a framework to be respected, the sector now being subject to regulations similar to those of the energy, banking or telecommunications sectors. The scale of fines has also been adapted to the economic power of the players: in the event of an infringement, they may represent 6% to 20% of global turnover. In the event of a repeat offence, business transfers may be imposed. On the other hand, in the United States, the regulatory process has still not succeeded despite the authorities’ determination.