Ant exploring ways for Jack Ma to exit as Beijing piles pressure, say sources theedgemarkets.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from theedgemarkets.com Daily Mail and Mail on Sunday newspapers.
Ant Group Co (螞蟻集團) denied a report that the Chinese finance-technology company is exploring ways for founder Jack Ma (馬雲) to sell his stake and give up control as a means to ease pressure from the country’s regulators.
Reuters on Saturday reported 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 last month, where the possibility of Ma’s exit was discussed. The report cited people familiar with the matter.
The company hoped that Ma’s stake would be sold to existing shareholders in Ant or its
China s Ant Group explores ways for Jack Ma to exit: report origin-businesstoday.intoday.in - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from origin-businesstoday.intoday.in Daily Mail and Mail on Sunday newspapers.
Beijing: After a historic antitrust crackdown on China s biggest tech companies last week, investors are betting there is more pain ahead.
GAM Investments, BNP Paribas Asset Management and JP Morgan Asset Management Inc. see more regulatory tightening in China s clampdown on monopolistic practices, putting pressure on the country s leading internet stocks over the next few months. The Hang Seng Tech Index, where many Chinese tech giants are listed, has already lost about a quarter of its value from a rout that began mid-February.
The shockwaves from Beijing s bid to quell abuses of information and market dominance among industry leaders have left global investors pondering the prospects of China s internet firms. The antitrust crackdown has exacerbated a global tech selloff sparked by rising bond yields, as traders forecast tighter liquidity conditions at home and abroad and lower company valuations.
Saturday, 17 Apr 2021 08:42 PM MYT
A sign of Ant Group is seen during the World Internet Conference (WIC) in Wuzhen, Zhejiang province, China, November 23, 2020. Reuters pic
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HONG KONG, April 17 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 signalled 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.