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Jack Ma Threatened With Kicking from His Own Company Page all

KOMPAS.com – Relationship Jack Ma and the Chinese government seems to be heating up. The latest news says that the company owned by Jack Ma, Ant Group, is looking for a way to get Ma to release his stake in Ant Group and give up his power.

That said, the strategy emerged after Ant Group had a meeting with Chinese regulators. Reported ReutersAccording to a source close to regulators and Ant Group, the government has signaled it will relax its oversight of Ant Group’s business if Ma sells his stake.

As previously reported, the Chinese government formed a special task force to oversee the Ant Group after the financial technology company (fintech) it failed to take the floor on the stock exchange stock late last year.

Also read: Jack Ma’s company failed to take the floor on the stock exchange after criticism of the Chinese government

In fact, Ant Group’s initial public offering (IPO) is predicted to break the record for the largest value in history with an estimated value of up to US $ 37 billion or around Rp.537 trillion).

The task force is chaired by the Financial Stability and Development Committee (FSDC) along with several other central bank departments and regulators.

The failure of the IPO and tightening supervision of Ant Group is thought to have stems from Jack Ma’s harsh criticism of the Chinese government not last October.

Central bank officials of the People’s Bank of China (PBOC) and the financial regulator of the China Banking and Insurance Regulatory Commission (CBIRC) held discussions from January to March with Ma and Ant Griup separately.

Also read: Jack Ma appears with the Russian president after Alibaba is fined

According to a source familiar with both the regulator and the Ant Group, the discussion led to Jack Ma’s chance to leave the Ant Group. However, Ant Group denied the reports and stated that the divestment of Ma’s stake in Ant Group had never been considered.

“The divestment of Ma’s stake in the Ant Group has never been the subject of discussion with anyone,” explained the Ant Group representative.

However, until now it is not certain whether the divestment news is optional or not.

One of the sources stated that Ant Group hopes that Jack Ma’s multibillion dollar stake in Ant Group can be sold to old investors or e-commerce affiliated.

They hope not to involve external entities. However, according to another source who is also close to the company, said that in talks with regulators, Ma was asked not to sell his shares to the entities or individuals closest to him, and to leave the company entirely.

Also read: Flight Footage Reveals Jack Ma’s Disappearance

Another option, Ma could transfer his shares to Chinese investors affiliated with the government. Whatever the decision, the two sources said that all steps taken had to be approved by the Beijing government.

Neither the regulators, Jack Ma, nor the Ant Group, have commented on the issue of these options.

Summarized KompasTekno from Reuters, Tuesday (20/4/2021), Jack Ma’s departure from the company could open the way for Ant Group to conduct an IPO again.

Talks about Ma’s stake and power in the Ant Group come amid a corporate overhaul and technology regulations put up by the Chinese government after Ma’s criticism.

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