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The Independent UK

National

Christopher Rugaber

China's Ant Group says founder Jack Ma will give up control

Jack Ma Ant Group China e-commerce

Copyright 2019 The Associated Press. All rights reserved.

E-commerce billionaire Jack Ma will give up control of Ant Group, the leading Chinese financial technology provider he founded.

In a statement posted Friday, Ant Group said that after an ownership restructuring, “no shareholder, alone or with other parties” will have “control over Ant Group.” The company is an affiliate of e-commerce giant Alibaba, which Ma also founded.

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