Alibaba gains another 8% after Jack Ma ceded control of Ant Group

By: News Team

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Alibaba despide a una supuesta víctima de agresión sexual por parte de un supervisor

The shares of the Chinese e-commerce giant Alibaba Group Holding Ltd listed in Hong Kong gained 7.87% today by 12.00 local time (04.00 GMT) after the founder of the group, billionaire Jack Ma, has ceded control of its fintech subsidiary to Ant Group.

This Saturday, Ant Group announced a readjustment in the voting rights structure, diluting Ma’s power, another step in the process of internal reorganization of the company that Beijing forced after suspending its IPO in November 2020, which was going to be the largest in history.

Alibaba still holds a third of the shares of the ‘fintech’, according to the Hong Kong newspaper South China Morning Post -owned precisely by the conglomerate-, although Ant Group indicated this weekend that several of its directors left the governing body of the parent company to “reinforce the independence” of the subsidiary.

Today’s stock market rises also respond to the statements of the president of the Chinese regulator of banks and insurers, who said in an interview with the official press that the “rectification” of the fintech sector is already “basically finished”, which anticipates an increasingly close end to the harsh regulatory campaign initiated by Beijing after the suspension of the IPO of Ant Group.

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