Jack Ma s Ant Reaches Agreement With China Regulators On Overhaul Jack Ma s Ant Reaches Agreement With China Regulators On Overhaul The plan calls for putting all of Ant s businesses into the holding company, including its technology offerings in areas like blockchain and food delivery.
Updated: February 03, 2021 7:58 pm IST
Ant Group Co. and Chinese regulators have agreed on a restructuring plan for the company.
Ant Group Co. and Chinese regulators have agreed on a restructuring plan that will turn Jack Ma s fintech giant into a financial holding company, making it subject to capital requirements similar to those for banks.
The plan calls for putting all of Ant s businesses into the holding company, including its technology offerings in areas like blockchain and food delivery, people familiar with the matter said. One of Ant s early proposals to regulators had envisioned putting only financial operations into the new structure.
Ant Group and China Regulators Agree to Restructuring Plan
Ant Group Co. and Chinese regulators have agreed on a restructuring plan that will turn Jack Ma’s fintech giant into a financial holding company, making it subject to capital requirements similar to those for banks.
The plan calls for putting all of Ant’s businesses into the holding company, including its technology offerings in areas like blockchain and food delivery, people familiar with the matter said. One of Ant’s early proposals to regulators had envisioned putting only financial operations into the new structure.
An official announcement on the overhaul could come before the start of China’s Lunar New Year holiday next week, the people said, asking not to be identified discussing private information. Alibaba Group Holding Ltd., which owns about a third of Ant, erased losses in Hong Kong trading on Wednesday after Bloomberg reported the agreement. The stock closed with a 0.4% gain.
Tycoon’s daughter to control HK paper
BIGGEST SHAREHOLDER: The sale would make Sing Tao News the latest Hong Kong media company to be taken over by people with links to mainland Chinese groups
Bloomberg
Kwok Hiu-ting (郭曉亭), daughter of the Kaisa Group Holdings Ltd (佳兆業集團) chairman, has agreed to buy a controlling stake in major Hong Kong media firm Sing Tao News Corp (星島新聞集團) for about HK$370 million (US$47.73 million).
Sing Tao chairman Charles Ho (何柱國) has agreed to sell 246.6 million shares at HK$1.5 each to Kwok, according to a filing with the Hong Kong Stock Exchange yesterday.
The price represents a 65 percent premium to Sing Tao’s last close of HK$0.91 on Thursday last week before a trading halt.
Bad news for Alibaba co-founder and Chinese billionaire Jack Ma - Read details here
The Chinese state media on Tuesday removed Alibab co-founder Jack Ma s name from list of the country s pioneering tech giants.
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Updated: Feb 2, 2021, 12:18 PM IST
In yet another blow to Alibaba co-founder and billionaire Jack Ma, the Chinese state media on Tuesday removed his name from list of the country s pioneering tech giants. Ma s archrival and Ali Baba’s co-founder Pony M was lauded by , who the Shanghai Securities News for “rewriting the mobile age”.
According to Bloomberg, Beijing’s official newspaper carried the editorial on the same day Alibaba Group Holding Ltd. was scheduled to unveil its earnings. The list prepared by Chinese media mentioned BYD Co. Chairman Wang Chuanfu, Xiaomi Corp. co-founder Lei Jun and Huawei Technologies Co. s Ren Zhengfei and other tech tycoons.
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(Reuters) - China’s Alibaba Group Holding Ltd beat estimates for third-quarter revenue on a pandemic-driven jump in e-commerce, but its shares dropped amid regulatory heat for founder Jack Ma’s business empire.
FILE PHOTO: The logo of Alibaba Group is seen at its office in Beijing, China January 5, 2021. REUTERS/Thomas Peter/File Photo GLOBAL BUSINESS WEEK AHEAD
It also announced a bond sale worth as much as $5 billion though sources have said plans for the fundraising were in the works before the regulatory clampdown.
Ma’s current woes stem from an Oct. 24 speech in which he blasted China’s regulatory system, leading to the suspension of his Ant Group’s $37 billion IPO just days before the fintech giant’s listing.