Business
Ant squashed by Beijing behemoth – The Australian Financial Review
Jack Ma has had ample reminders that in China, no one is bigger than the Communist Party. But the shoot-from-the-hip tycoon ignored these – and has jeopardised…
Ant had already taken steps to keep Beijing sweet. There was the dual listing in Shanghai and Hong Kong, for one. Parent Alibaba, after floating in New York, obtained a secondary listing in Hong Kong.
Ma also took multiple steps to reduce his control. He went so far as to rescind control of the legal entities at the heart of Alibaba. Clearly, his public backchat about Chinas state-owned banks undid some of that.
A restructuring of the IPO could see Ma and fellow founders further reduce their stakes….
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