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Ant Group is exploring options for founder Jack Ma to divest his stake in the financial technology giant and give up control, as meetings with Chinese regulators signaled to the company that the move could help draw a line under Beijing s scrutiny of its business, according to a source familiar with regulators thinking and two people with close ties to the company.
Reuters is for the first time reporting details of the latest round of meetings and the discussions about the future of Ma s control of Ant, exercised through a complicated structure of investment vehicles. The Wall Street Journal previously reported that Ma had offered in a November meeting with regulators to hand over parts of Ant to the Chinese government. https://on.wsj.com/2QvkHbc
A view of the signage of Ant Group is seen at the headquarters compound of the fintech giant in Hangzhou in eastern China s Zhejiang province. - AP HONG KONG, Apr 18 (Bloomberg): Ant Group denied a report that the Chinese finance-technology company is exploring ways for founder Jack Ma to sell his stake and give up control as a means to ease pressure from the country’s regulators.
Reuters reported earlier that officials from the People’s Bank of China and the China Banking and Insurance Regulatory Commission held talks with Ma and Ant separately between January and March, where the possibility of Ma’s exit was discussed. The report cited people familiar with the matter.
Hong Kong: Ant Group is exploring ways for founder Jack Ma to sell his stake and give up control of the Chinese finance-technology company as a means to ease pressure from the country s regulators, Reuters reported, citing people familiar with the matter.
Officials from the People s Bank of China and the China Banking and Insurance Regulatory Commission held talks with Ma and Ant separately between January and March, where the possibility of the Ma s exit was discussed, Reuters reported.
The company hoped that Ma s stake would be sold to existing shareholders in Ant or its e-commerce partner Alibaba Group Holding Ltd., Reuters said. Ant issued a statement to the news agency denying the divestment of Ma s stake was ever considered.
China s Ant explores ways for Jack Ma to exit as Beijing piles pressure: Report
China s Ant explores ways for Jack Ma to exit as Beijing piles pressure: Report
Ant Group is exploring options for founder Jack Ma to divest his stake in the financial technology giant and give up control as Beijing piled pressure, sources said.
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Jack Ma (Photo: Reuters)
Ant Group is exploring options for founder Jack Ma to divest his stake in the financial technology giant and give up control, as meetings with Chinese regulators signaled to the company that the move could help draw a line under Beijing s scrutiny of its business, according to a source familiar with regulators thinking and two people with close ties to the company.