CNA – Shares of listed Chinese companies that count Ant Group as a major shareholder rose yesterday, after announcing that Ant founder Jack Ma is no longer their controller following an overhaul at the fintech giant.
Hong Kong-listed shares of Ma’s Alibaba jumped more than five per cent.
Shares of Longshine Technology Group Co Ltd, Jilin Zhengyuan, Shanghai Golden Bridge Infotech Co, Orbbec Inc and Hundsun Technologies, in which Ant owns a more than five per cent stake, also rose.
Ant said over the weekend that founder Jack Ma will give up control of the company.
The overhaul seeks to draw a line under a regulatory crackdown that was triggered soon after its mammoth stock market debut was scuppered two years ago.
