Jack Ma is taking a weeks-long tour in Europe after largely disappearing from public view for almost two years, adding to signs that China’s government is easing pressure on the entrepreneur.
off the Spanish island of Mallorca, according to reporting by Bloomberg and local media.
Ant has also verbally signaled to regulators that Ma intends to cede his control over the company, according to people familiar with the matter, adding they have conveyed those plans to officials and the central bank for years. One proposal under consideration involves transferring Ma’s shares to other executives so the company can be overseen by a committee, one of the people said.
The Wall Street Journal reported earlier that Ant told regulators Ma intends to give up control and could transfer some of his voting power to other top executives. Alibaba’s Hong Kong-listed shares fell 4% as of 9:49 a.m. on Friday. The Communist Party’s evolving stance toward the private sector has become one of the most closely watched developments in global markets in recent years, with some observers going as far as to call China’s sprawling internet sector uninvestable.
“While there will be a waiting period for Ant with this change, it will make little difference as the weak markets will mean that Ant is in no rush to be listed,” Tang said. As part of Ant’s restructuring, the company has ramped up its capital base to 35 billion yuan and has moved to build firewalls in an ecosystem that once allowed it to direct traffic from payment platform Alipay, with a billion users, to services like wealth management and consumer lending.
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