Beijing is reportedly trying to minimize Jack Ma’s (pictured) technology and financial empire and intends to overtake a bigger stake in his businesses, Chinese officials and government advisers familiar with the matter told The Wall Street Journal on Tuesday.
Sources claim that China’s financial regulators restructured an investment road map this week under which financial technology behemoth Ant Group Co. would return to its beginnings as an online-payment provider similar to PayPal Holdings Inc.
The regulators, led by the People's Bank of China, said Ant has to form a separate financial holding company that would have the rules similar that banks have. That, according to the sources, would allow banks or other government institutions to buy into the company.
