Jack Ma lost control of Ant Group
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The founder of Ant Group no longer controls the company, the Chinese fintech giant has revealed. According to calculations Reutersits share decreased from more than 50% to 6.2%.
Ant Group is the financial division of Alibaba Group, one of the world’s largest financial corporations. Owns the AliPay payment system.
In 2020, Ant Group was preparing for an initial public offering on the Shanghai and Hong Kong stock exchanges. However, a couple of days before the start of trading, regulators called Jack Ma for questioning, and the placement of Ant Group has been postponed indefinitely. In the summer of 2022, the Chinese authorities gave pre-approval for an IPO.
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