•   
  •   

World Jack Ma's Ant Group reportedly plans to transform into a financial holding company overseen by China's central bank

16:27  27 january  2021
16:27  27 january  2021 Source:   businessinsider.com.au

Jack Vidgen on why he opened up on IAC

  Jack Vidgen on why he opened up on IAC Jack Vidgen was sent home from the I'm A Celebrity Get Me Out Of Here! jungle (in a hurling catapult, no less) last night, and suffice to say Australia was devo - and for a good reason. Jack Vidgen was sent home from the I'm A Celebrity... Get Me Out Of Here! jungle (in a hurling catapult, no less) last night, and suffice to say Australia was devo.It came in a moment no one really expected - the popstar quickly became one of the show's most loved cast mates, with Jack's way of showing his vulnerable side making him all the more personable to viewers at home, in spite of any assumptions they might have previously made.

Jack Ma wearing a suit and tie talking on a cell phone: Chairman of Alibaba Group Holding Ltd. Jack Ma delivers a speech to participants during the 4th edition of the Viva Technology show at Parc des Expositions Porte de Versailles on May 16, 2019 in Paris, France. Chairman of Alibaba Group Holding Ltd. Jack Ma delivers a speech to participants during the 4th edition of the Viva Technology show at Parc des Expositions Porte de Versailles on May 16, 2019 in Paris, France.
  • Ant Group has submitted a plan to restructure itself as a financial holding company, sources familiar with the matter told The Wall Street Journal.
  • This means it would be overseen by China's central bank and would face stricter regulations.
  • Chinese regulators ordered the restructure, the sources said.
  • Visit Business Insider's homepage for more stories.

Ant Group, the financial-services company founded by Chinese billionaire Jack Ma, plans to restructure itself as a financial holding company overseen by China's central bank, The Wall Street Journal reported Wednesday.

Billionaire Jack Ma appears to have resurfaced in a quick 50-second videoconference clip, according to Chinese-owned media

  Billionaire Jack Ma appears to have resurfaced in a quick 50-second videoconference clip, according to Chinese-owned media Jack Ma appears to have resurfaced in a videoconference call on Wednesday after weeks of speculation on his whereabouts, per Chinese publication the Global Times. During the call, which reportedly occurred on Wednesday, the Chinese tech mogul spoke to 100 rural teachers from across China. Before the virtual appearance, the Alibaba and Ant Group founder had not been seen publicly in more than two months and was abruptly replaced as a judge on the African talent show he founded. Visit Business Insider's homepage for more stories.

One person familiar with the plan told the Journal that the move would give regulators oversight of all Ant's activities. Ma's business empire, which he controls through the conglomerate Alibaba, has come under increasing scrutiny from Beijing in recent months.

Ant had previously announced plans for just one of its subsidiaries to become a financial holding company. Turning the whole of Ant into one would mean it faced stricter regulations, similar to those that the country's banks have to follow, and would affect its growth.

Chinese regulators told the company to become a financial holding company, prompting Ant to draw up the plan, people familiar with the matter told The Journal. The plan could be finalised by mid-February, the people said.

Jack Ma reappeared with video speech for the first time since October

 Jack Ma reappeared with video speech for the first time since October Jack Ma is back: For the first time since the end of October, the Chinese billionaire and Alibaba founder has appeared again in public. © dpa Alibaba founder Jack Ma. Chinese state media broadcast a video message from the 56-year-old on Wednesday reportedly targeting 100 teachers in rural areas. Ma announced in the video that she wanted to do more for charitable purposes than before. “I have been studying and thinking together with my colleagues these days.

This comes months after Ant's initial public offering, set to be the biggest ever, was suspended in Shanghai and Hong Kong following a meeting between Ma and Chinese regulators.

In late December, China's central bank and three financial watchdogs said they would urge Ant to implement stricter financial regulations for its banking services.

Read more:

Biden's China policy is about to be just as assertive as Trump's, but much more effective

The country had introduced regulations that clamped down on Ant's lending business after Ma made incendiary comments about China's banking rules. He reportedly dismissed the global financial regulations used by China as "an old people's club" and said that "we can't use yesterday's methods to regulate the future."

Chinese regulators also launched an antitrust investigation into Ant Group's parent company Alibaba in December.

Amid the rising scrutiny of his companies, Yahoo Finance reported in early January that Ma hadn't been seen publicly in more than two months, leading to weeks of speculation about his whereabouts.

He reemerged on January 20 in a 50-second video-conference clip.

Jack Ma plans to shrink his business, bow to pressure after being slapped down by the Chinese government .
Billionaire Jack Ma's Ant Group plans to restructure itself to satisfy Chinese officials, per the WSJ. Ma, a larger-than-life figure, criticised China's financial regulatory system last year. He now appears to have been brought to heel by Beijing. Visit Business Insider's homepage for more stories. Ant Group, the financial-services company founded and controlled Jack Ma, plans to restructure itself after demands from Chinese officials who have turned on his business empire, The Wall Street Journal reported.

usr: 0
This is interesting!