China’s billionaire tech boss Jack Ma plans to cede control of Ant Group, the fintech powerhouse closely affiliated with Alibaba, the e-commerce giant he founded, The Wall Street Journal reported on Thursday.
If materialized, the move will mark another important turn in Ant’s ongoing restructuring and power reshuffling since China called off its $35 billion initial public offering nearly two years ago.
Ant Group cannot be immediately reached for comment.
More to come…