Report: Ant Group mulls ways for Jack Ma’s exit

Details:

• Between January and March, officials from the People’s Bank of China and financial regulators reportedly held talks with Ma and the fintech giant, where discussions of the entrepreneur’s possible exit took place, said one source.
• Ma was told he would not be allowed to sell his stake to any person or company close to him, a different source claimed. Rather, he must either sell his complete stake or transfer his stake to a Chinese investor affiliated with the state.

Context:

• The development comes amid a restructuring plan that will turn Jack Ma’s fintech giant into a financial holding company, making it subject to capital requirements similar to those for banks.
• Recently, Ma’s Alibaba Group also came under fire for abusing its market dominance. The company was required to initiate “comprehensive rectifications,” including strengthening internal controls, protecting its merchants and customers, and supporting fair competition.