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Chinese regulators pressure Ant Group for Jack Ma to give up control
- Sunday | 18th April, 2021
Ant denied that a divestment of Ma’s stake was ever under consideration. “Divestment of Mr. Ma’s stake in Ant Group has never been the subject of discussions with anyone,” an Ant spokesman said in a statement. Reuters could not determine whether Ant and Ma would proceed with a divestment option, and if so, which one. On the company side, one source said Ma met regulators more than once before the Chinese New Year, which was in early February. While he only owns a 10% stake in Ant, Ma exercises control over the company through related entities, according to Ant’s IPO prospectus.
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