Jack Ma Willing Not To Take Control Of Ant Financial

Jack Ma Willing Not To Take Control Of Ant Financial

On vacation or in a cold weather by the Beijing authorities, Jack Ma seems to have understood the message. After stepping down as Alibaba CEO in 2013 and resigning from the board of directors in September 2019 (holding only 5% of the shares), the Alibaba founder and Ant Financial are considering selling part of their 50.52% stock to executives. Ant Financial, according to the Wall Street Journal.

In 2020, the Chinese authorities halted the IPO of Ant Financial, deeming that 98% of loans granted by Alipay, which has its European headquarters in London and Luxembourg, were provided by offshore banking institutions and put the Chinese system at systemic risk. Therefore, Beijing “required” the creation of a financial holding company in which I became a shareholder.

According to the WSJ, if Jack Ma had intended to relinquish that control for a few years, he hadn’t done so yet because he feared it would delay the hard-block’s initial public offering (which serves between 1 billion and 1.5 billion consumers) in order to Three years, as stipulated by Chinese rules in case of change of the major shareholder.

Last November, Ant Financial added a third brand, Xinyong Dai, to credits originating from overseas financial institutions.

300 billion euros expected

On Wednesday, July 27, marking the publication of Alibaba’s annual report, we learned that the e-commerce leader has distanced himself from Ant Financial: neither Eric Jing (CEO of Ant) nor Xingjun Ni (Chief Technology Officer), Sonbgai is no longer Zeng (HRD) , or even four other Ant executives who are partners in Alibaba.

What is, in theory, a return to a healthy base in hopes of entering the stock market, where the expected envelope has increased even more, to more than 300 billion euros, a record.

Meanwhile, far from these governance battles, Alipay Europe (established in Luxembourg since 2014) finished 2021 in a new cycle record of €166 million, 2.2 times more than in 2020, with profits of nearly €10 million. 2020 has already seen its revenue increase 82-fold.

He signed that the strategy announced in 2014 by the former Finance Minister, Pierre Gramigna (DP), made sense.

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