) rose on news that Ant Group’s founder Jack Ma will give up control of the Chinese fintech giant in an overhaul.Shares of Longshine Technology Group Co Ltd, Jilin Zhengyuan, Shanghai Golden Bridge Infotech Co , Orbbec Inc and Hundsun Technologies also rose. Ant indirectly owns stakes ranging from more than 20 per cent to slightly more than 5 per cent in those companies.
Redmond Wong, Greater China market strategist at Saxo Markets, Hong Kong, said Jack Ma’s ceding of control of Ant and other businesses would help remove some uncertainties and pave the way to develop and expand the group’s business. Guo Shuqing, head of China’s Banking and Insurance Regulatory Commission , said in an interview with China’s official Xinhua news agency published on Jan. 7 that rectification of financial businesses of 14 platform companies have been “basically completed,” while a few remaining issues need to be resolved. Guo did not name the companies.
Tesla cut prices by 6 per cent to 13.5 per cent on Friday in discounts that brought some of its cars to near BYD’s best-selling models in a step analysts read as a sign that a price war could be building at a time when demand in China has faltered.
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