Jack Ma escapes Beijing’s crosshairs by giving up his power

that authorities had imposed curbs on a person surnamed Ma. Subsequent information made clear the report was referring to someone else.

Ma has had to make significant concessions to get out of the government dog house. After regulators torpedoed Ant’s hotly anticipated initial public offering in 2020, the companyoperations to comply with tighter controls and have discussed regularly with the country’s central bank how to “rectify” operations. In its early years, Ant’s success in services like digital payments and money market deposits threatened the dominance of major state-backed banks.

Ant has also verbally signalled 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.

Representatives from Ant, Alibaba and Ma’s foundation didn’t immediately respond to requests for comment. China’s central bank didn’t respond to a faxed request for comment.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.

Ma holds no management titles at Ant and giving up control of the company would cause little disruption for daily operations because he hasn’t been deeply involved for years, people familiar with the matter said, requesting not to be named discussing private information. Ma originally ended up with majority voting control as Ant was separated from Alibaba in a complex transaction aimed at minimising conflicts with China’s regulations.

Funny they're fearful once overtaken!

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