E-commerce billionaire Jack Ma will surrender management of Ant Group, the main Chinese monetary know-how supplier he based.
In a press release posted on Friday, Ant Group stated that after an possession restructuring, “no shareholder, alone or with other parties” may have “control over Ant Group”.
The firm is an affiliate of e-commerce big Alibaba, which Ma additionally based.
The transfer follows different efforts through the years by the Chinese authorities to rein in Ma and the nation’s tech sector extra broadly.
Two years in the past, the as soon as high-profile Ma largely disappeared from view for 2 and a half months after criticising China’s regulators.
The authorities on the similar time additionally pressured Ant Group to name off a highly-anticipated IPO that might have raised greater than $US3 billion ($A4.4 billion), simply days earlier than it was to launch.
Yet Ma’s give up of management comes after different indicators the federal government was easing up on Chinese on-line companies.
Late final yr China signalled at an financial work convention that it will assist know-how companies to spice up financial progress and create extra jobs.
And final month, the federal government stated it will permit Ant Group to lift $US1.5 billion in capital for its shopper finance unit.
