Why Jack Ma May Have To Give Up Control Of Ant Group benzinga.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from benzinga.com Daily Mail and Mail on Sunday newspapers.
Officials from the central bank, People’s Bank of China (PBOC), and financial regulator China Banking and Insurance Regulatory Commission (CBIRC) held talks between January and March with Ma and Ant separately, where the possibility of the tycoon’s exit from the company was discussed, according to accounts provided by the source familiar with the regulators’ thinking and one of the sources with close ties to the company.
Ant denied that a divestment of Ma’s stake was ever under consideration. “Divestment of Mr. Ma’s stake in Ant Group has never been the subject of discussions with anyone,” an Ant spokesman said in a statement.
TechnologyEXCLUSIVE Chinaâs Ant explores ways for Jack Ma to exit
Julie Zhu
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A sign of Ant Group is seen during the World Internet Conference (WIC) in Wuzhen, Zhejiang province, China, Nov. 23, 2020. REUTERS/Aly Song/File Photo
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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 Beijingâs scrutiny of its business, according to a source familiar with regulatorsâ thinking and two people with close ties to the company.
China s Ant explores ways for Jack Ma to exit dunyanews.tv - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from dunyanews.tv Daily Mail and Mail on Sunday newspapers.
Exclusive: China s Ant explores ways for Jack Ma to exit as Beijing piles pressure - sources
04/17/2021 | 08:50am EDT
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HONG KONG (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.
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