Fintech

Jack Ma’s Alipay Reign Officially Over, IPO Back on Track

 

China’s central bank has agreed that payment app Alipay no longer has a controller after a sweeping business overhaul of Jack Ma’s Ant Group, the fintech giant that owns the app, putting its long-awaited IPO back on track.

The People’s Bank of China announced the decision concerning Alipay.com Co, one of Ant’s major entities in China, on its website on Saturday.

 

Also on AF: China’s Factory Slump Deepens, Stimulus Pressure Grows

 

In January, Ant Group said its founder Jack Ma would no longer control the fintech giant and would give up most of his voting rights.

Now, a year later, a group spokesperson has said the ‘corporate governance optimisation’ had been completed and it will not affect the company’s day-to-day business operations.

 

  • Reuters with additional editing by Sean O’Meara

 

Read more:

China Tightens Rules for Non-Bank Payment Firms Like Alipay

Jack Ma to be a Visiting Professor at Tokyo University

China Allows Ant Group to Release Finance AI Products to Public

China’s Ant Group Facing $1.1bn Fine, to End PBOC Revamp

Jack Ma Returns to China in Sign of Easing Tech Crackdown

 

 

Sean O'Meara

Sean O'Meara is an Editor at Asia Financial. He has been a newspaper man for more than 30 years, working at local, regional and national titles in the UK as a writer, sub-editor, page designer and print editor. A football, cricket and rugby fan, he has a particular interest in sports finance.

Recent Posts

China Bids to Lift Foreign Investment in Its Tech Amid Funds Exit

Beijing is desperate to rebuild confidence among overseas investors as its economy continues to struggle…

13 hours ago

Chinese Hackers Poised to Strike at US Infrastructure: FBI Director

The US law enforcement chief said a Chinese hacking campaign known as Volt Typhoon has…

14 hours ago

Mayors of Big Global Cities Calling for Urban Climate Finance

Officials from some of the world's biggest cities are in Washington to lobby for better…

1 day ago

Trade War Heating Up: China Hits Back After Biden Boosts Tariffs

China announces "anti-dumping penalties" on imports of a US chemical and orders Apple to cut…

1 day ago

Wall St ‘Steered Billions Into Blacklisted China Firms’ – Nikkei

Chinese companies invested in included the Aviation Industry Corp of China, a defence conglomerate that…

1 day ago

China Orders Apple to Cut WhatsApp, Threads from App Store

US tech giant said Beijing ordered it to cut the messaging apps because of national…

2 days ago