The Ant Group, which operates the country’s largest smartphone payment service under the Alibaba Group, China’s largest online retailer, announced on the 7th that it had reviewed its company structure.
As a result, Jack Ma, the founder of Alibaba, no longer has control of the company.
After Mr. Ma criticized China’s financial authorities in October 2020, Ant Group was forced to postpone the company’s planned stock listing just before, and was subsequently asked by the authorities to improve its operations. We are proceeding with organizational restructuring.
In the background, the Chinese government has increased its vigilance as a result of the rapid expansion of operations such as small loans and insurance based on the settlement service users of more than 1 billion Ant Group. It seems that the system has been revised accordingly.
On the other hand, the Chinese government, which has tightened its grip on IT companies in the past few years, has shown a stance of breaking up recently, and the focus is on whether IT companies can regain their previous growth potential.