Chinese billionaire Jack Ma will cede control of fintech giant Ant Group as a part of its 'restructuring', the company confirmed the news on Saturday. In a statement, the company said that no shareholder, alone or jointly will have control over the group after the completion of the readjustment.

Chinese billionaire Jack Ma to cede control of Ant Group after regulatory crackdown: Report

Alibaba's Jack Ma is the most celebrated Chinese entrepreneur in the world, however, now he has a target on his back and he only has one man to blame for it - Chinese President Xi Jinping.

How Chinese President Xi Jinping scuttled Jack Ma's Ant group IPO

On Wednesday, Alibaba was in the news for its Singles Day shopping season. 11 days. Millions of orders. And deals worth 74 billion dollars. Yet on the same day, its shares plunged almost 10 per cent.

Chinese Communist Party tries to intimidate Alibaba's Jack Ma

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Chinese billionaire Jack Ma to cede control of Ant Group after regulatory crackdown: Report

How Chinese President Xi Jinping scuttled Jack Ma's Ant group IPO

Chinese Communist Party tries to intimidate Alibaba's Jack Ma