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Finance

Fate of Jack Ma stake hangs over Ant Group's mega IPO plan

Alibaba founder confirms intent to slash half-ownership 'over time'

Alibaba co-founder Jack Ma arrives for a meeting with Thailand's Prime Minister Prayuth Chan-ocha in Bangkok in April 2018.    © Reuters

HONG KONG -- The pending stock sale by China's Ant Group is shaping up to be one of the largest initial public offerings ever, though the company is expected to put only a stake of 10% to 15% on the market.

Far more shares are poised to change hands. Jack Ma, founder of Alibaba Group Holding, now controls half of Ant's stock but plans to winnow his stake down to 8.8% or lower, according to a disclosure included in Alibaba's annual report filing last month in the U.S.

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