Jack Ma to Handover Ant Group’s Control as Part of Company’s Restructure

Chinese billionaire Jack Ma will cede control of fintech giant Ant Group as part of a restructure, the company announced Saturday. Regulators this week announced that Ant had won approval to raise CNY 10.5 billion (roughly Rs. 12,300 crore) for its consumer finance arm in a further sign that authorities may be loosening their grip on the firm.