Alibaba's co-founder Jack Ma might hand over control of Ant Group Co. to the company's executives, according to a report published by the Wall Street Journal on Thursday, likely further delaying Ant's $34 billion public listing that was halted by Beijing two years ago.
However, sources familiar with the matter noted that Ma's decision could potentially open a path to Ant's IPO revival in the upcoming years, as Chinese regulations require a temporary listing timeout for companies that have undergone control change.
Ant Group has received a green light from regulators to realize plans to turn into a financial holding company. Still, the Chinese central bank hasn't officially approved the plans since it awaits the restructuring process to be completed. Jack Ma currently de facto controls Ant with his 50.52% stake in the company that ensures dominance.
