Jack Ma is planning to give up control of Ant Group, a change that would further delay the Chinese financial technology giant’s plans to launch an initial public offering.
Ma’s retreat comes after Beijing derailed Ant’s blockbuster IPO almost two years ago, and demanded the group restructure its operations.
That moment also led the billionaire entrepreneur to pull back from public view, as Beijing moved to rein in the influence of its corporate titans and launched a wider crackdown on tech.
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