STORY – With Beijing taking control of tech, the founder of Alibaba cedes control of the financial subsidiary Ant Group. He was spotted in Thailand.
The “Yangtze crocodile” muzzled by Beijing. Jack Ma, the most famous and emblematic of Chinese entrepreneurs, founder of the e-commerce giant Alibaba, which helped transform the economy of the Middle Kingdom, has lost all power in his group. On Saturday, he had to give up the ultimate jewel of his tech empire. In Beijing’s sights, he will cede control of Ant Group, the financial subsidiary of the sprawling empire Alibaba, the company announced.
Created in 2014, this online payment giant, known for its Alipay system (more than 730 million Chinese users), also distributes consumer credit and insurance. The 58-year-old self-made billionaire, who controlled 53% of Ant Group shares, will see his voting rights reduced to some 6% in the future, according to the ongoing restructuring.
This confirms the disgrace of Jack Ma, who had dared to criticize Beijing regulators head-on in 2020. The company is adjusting its structure to “that no shareholder…
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