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Al Jazeera
Al Jazeera
Technology

Billionaire Jack Ma to cede control of China’s Ant Group

Jack Ma Ant Ant Group China Alibaba Andrew Collier Duncan Clark fintech Communist Party
Jack Ma will cede control of fintech giant Ant Group after a Communist Party crackdown on the nation's tech sector [File: Bobby Yip/Reuters]

Chinese business magnate Jack Ma will cede control of fintech giant Ant Group after a Communist Party crackdown on the nation’s tech sector that targeted the billionaire.

The company said in a statement on Saturday it was adjusting its ownership structure so that “no shareholder, alone or jointly with other parties, will have control over Ant Group”.

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