Tag: Ant Financial Services Group

Jack Ma Doubles Down on Alibaba

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Tsai has bought about $151 million worth of Alibaba’s U.S.-traded shares in the fourth quarter, via his Blue Pool Management family investment vehicle, a securities filing confirmed on Tuesday. Ma, who stepped down as the company’s executive chairman in 2019 but remains a major shareholder, bought $50 million worth of Hong Kong-traded stock in the quarter, according to a person with knowledge of the matter. (Both men already hold sizable amounts of Alibaba stock.) The purchase sizes aren’t huge — Alibaba’s market capitalization is about $171 billion — but given…

China Hits Ant Group with $985 Million Fine

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Chinese authorities announced a fine of nearly $1 billion for financial technology firm Ant Group on Friday, nearly three years after regulators halted the company’s plan for a record-breaking public offering that ushered in a period of intense government scrutiny of technology firms. The fine announced by China’s top securities regulator is seen as a sign that the authorities are wrapping up investigations into technology firms, bringing to a close a period of tough regulation for the industry. Officials said earlier this year that they would start to relax oversight…

From Disciplinarian to Cheerleader: Why China Is Changing Its Tone on Business

Chin@Strategy

China’s leader, Xi Jinping, used his annual New Year’s Eve address in 2021 to laud the patriotic achievements of the Chinese people. In a year marked by crackdowns on tech companies, curbs on borrowing by the country’s property firms, and a refusal to budge on restrictive Covid policies, Mr. Xi made no direct mention of the economy or business. In the first minute of his most recent address, Mr. Xi extolled the country’s economy, still the world’s second largest, and explained that China had cut taxes and fees as well…

Ant Group Says Its Founder, Jack Ma, Will Relinquish Control

Chin@Strategy

One of China’s most influential tech titans, Ant Group, said on Saturday that its founder, Jack Ma, plans to relinquish control of the company. Ant Group is the fintech sister company of the e-commerce behemoth Alibaba, one of China’s most valuable private companies and the bedrock of the business empire of Mr. Ma, the country’s most famous tycoon. This is a developing story. Chang Che contributed reporting and Zixu Wang contributed research. NYT