Chinese billionaire Jack Ma can sell his share in Fintehe Ant Group (“daughter” Alibaba) to weaken the pressure from the PRC regulators. This reports Reuters with reference to the sources.
At the same time, the billionaire will not be able to sell its share of any of the structures close to him. The Chinese authorities want him to completely come out of the business. Sources noted that there is another option: to transfer the share of a businessman to the Chinese investor associated with the state. For any step, Beijing approval will be required, the edition notes.
Ant began to work on options for possible care of Ma a couple of months ago. Care of the billionaire can help the company to revive plans to enter the stock exchange (IPO) and collect billions of dollars, experts believe.
The conflict between Jack Ma and the PRC authorities began last year after the businessman criticized the government policy in the field of digital technology. After that, the authorities were blocked by an IPO Ant Group, and then forced to transform a business, giving more control to the state.