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China tech

Billionaire Jack Ma relinquishes control of Ant Group

Change may clear way to revive massive $37bn IPO scuppered in 2020

Billionaire Jack Ma previously held more than 50% of voting rights at Ant Group.   © Reuters

SHANGHAI (Reuters) -- Ant Group said on Saturday its founder Jack Ma will no longer control the Chinese fintech giant, as the firm seeks to draw a line under a regulatory crackdown that was triggered soon after its mammoth stock market debut was scuppered two years ago.

Ant's $37 billion IPO, which would have been the world's largest, was cancelled at the last minute in 2020, leading to a forced restructuring of the financial technology behemoth and speculation the Chinese billionaire would have to cede control.

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