E-commerce billionaire Jack Ma will give up control of Ant Group, the leading Chinese financial technology provider he founded. In a statement posted Friday, Ant Group said that after an ownership restructuring, “no shareholder, alone or with other parties” will have “control over Ant Group.” The company is an affiliate of e-commerce giant Alibaba, which Ma also founded. The move follows other efforts over the years by the Chinese government to rein in Ma and the country’s tech sector more broadly. Two years ago, the once high-profile Ma largely disappeared from view for 2 1/2 months after criticizing China’s regulators. The government at the same time also forced Ant Group to call off a highly-anticipated IPO that would have raised over $3 billion, just days before it was to launch. Also read: Where is Alibaba founder Jack Ma? In Tokyo, according to Financial Times Yet Ma’s surrender of control comes after other signs the government was easing up on Chinese online firms. Late last year Beijing signaled at an economic work conference that it would support technology firms to boost economic growth and create more jobs. And last month, the government said it would allow Ant Group to raise $1.5 billion in capital for its consumer finance unit.    

Following Beijing’s crackdown on the tech industry, Chinese entrepreneur Jack Ma has been residing in Tokyo for almost six months, according to a Financial Times report published yesterday (November 29, 2022). The co-founder of Alibaba Group Holding has made frequent journeys to the United States and Israel in addition to visits to the countryside during his time in Japan, according to Financial Times. Ma is a close friend of Alibaba investor and billionaire Masayoshi Son, who founded the Tokyo-based SoftBank Group. Formerly the richest and most well-known tech figure in China, Ma withdrew from the public eye in recent years after getting into issue with Beijing over his criticism of government regulation, which halted the initial public offering (IPO) of fintech behemoth Ant Group. Read: Chinese e-tycoon Jack Ma ends silence with online video After that, China’s private sector came under intense scrutiny, with a focus on limiting the influence of internet companies. Since then, Jack Ma’s infrequent public appearances have drawn a lot of attention. According to the Financial Times, Ma has restricted himself to a small number of exclusive clubs in Tokyo’s downtown Ginza and Marunouchi neighbourhoods. The report also noted that he has enthusiastically taken up collecting modern art and brought along his personal chef and security team. In the early stages of the Covid-19 outbreak, Ma, who had previously been a well-known regular at business conventions, oversaw massive international donations of protective gear and other supplies that the world required. Read: FM thanks Jack Ma, invites him to visit Bangladesh A report in July said that Ma intended to cede control of Ant Group in order to placate Chinese regulators and resurrect the IPO of the digital payments division. For the first time ever, Alibaba reported flat sales growth in August as China struggled with a slowing economy and resurgent Covid-19 cases. The behemoth firm has been placed on a watchlist by US regulators, and if Jack ma's e-commerce venture Alibaba does not abide by disclosure orders, its shares would plummet and it might be delisted from the New York Stock Exchange. Read More: Alibaba appoints new CFO, reshuffles e-commerce businesses.

China’s highest-profile entrepreneur, e-commerce billionaire Jack Ma, appeared Wednesday in a video posted online, ending a 2 1/2-month disappearance from public view that prompted speculation about his status and his business empire’s future.

Jack Ma, founder of e-commerce giant Alibaba, held onto his status as China’s richest tycoon this year as surging demand for online shopping and other services during the coronavirus pandemic swelled the fortunes of internet entrepreneurs, according to a survey released Tuesday.

After coronavirus testing kits, Jack Ma Foundation and Alibaba Foundation is sending 300,000 masks which will be delivered on Sunday. 

Jack Ma, co-founder and former executive chairman of Alibaba Group, announced to help Bangladesh and some other Asian nations contain the spread of coronavirus.

Jack Ma, founder of China's e-commerce giant Alibaba, has refuted some skepticism over the authenticity of Alibaba's Singles' Day sales numbers.