Ant Group plotting founder Jack Ma’s exit?

<p>
Ant Group, erstwhile Ant Financial, is drawing up a plan to facilitate the exit of its founder Jack Ma. Reports suggested that the financial giant, an affiliate of Alibaba Group, is looking at ways by which Ma can divest his stake and give up control.</p>
<p>
Ma’s exit could allow Ant Group to carry on with its usual business operations. The fintech may also be able to revive plans to go public.</p>
<p>
Ma and his business empire came under scrutiny after the high profile and once a poster boy openly criticized the regulators and even highlighted the need to alter the financial regulation norms. He also said that the Chinese banks displayed "pawnshop mentality." After his speech, Ant Group’s much awaited and hyped initial public offering on November 3 last year was stalled abruptly and an investigation into the dealings and financials of the companies was initiated.</p>
<p>
The company was expected to raise about $37 billion through the IPO—the largest in the world.</p>
<p>
Though Ant Group has issued a statement denying any such plan, reports said that officials from the Chinese regulatory authorities have held talks with Ma and even with the company on the move.</p>
<p>
"Divestment of Mr. Ma's stake in Ant Group has never been the subject of discussions with anyone," an Ant spokesman said in a statement.</p>
<p>
However, the People's Bank of China (PBOC), China Banking and Insurance Regulatory Commission, China Securities Regulatory Commission, besides the State Administration of Foreign Exchange have been holding regulatory talks with the financial major.</p>