Alibaba Group Holding Limited (NYSE: BABA) co-founder Jack Ma plans to surrender control of Ant Group Co to sharpen its initial public offering prospects, the Wall Street Journal reports.
China quashed Ant's $34 billion-plus IPO in 2020 at the eleventh hour, forcing the technology firm to restructure as a financial holding company regulated by China's central bank.
As the overhaul progressed, Ant aimed to reduce the company's reliance on Ma, whose outspokenness had cost the IPO in 2020. Ma personally contemplated surrendering control of Ant for years to beat corporate-governance risks arising …
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