Ant Group founder Jack Ma to give up control in key revamp

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Reuters UK

By Yingzhi Yang, Brenda Goh and Kane Wu SHANGHAI/HONG KONG (Reuters) -Ant Group’s founder Jack Ma will give up control of the Chinese fintech giant in an overhaul that seeks to draw a line under a regulatory crackdown that was triggered soon after its mammoth stock market debut was scuppered two years ago. Ant’s $37 billion IPO, which would have been the World’s largest, was cancelled at the last minute in November 2020, leading to a forced restructuring of the financial technology firm and speculation the Chinese billionaire would have to cede control. While some analysts have said a relinqui…

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