Jack Ma, billionaire founder of Alibaba Group, arrives at the"Tech for Good" Summit in Paris, France May 15, 2019.Jack Ma, billionaire founder of Alibaba Group, arrives at the"Tech for Good" Summit in Paris, France May 15, 2019.
A former English teacher, Ma previously possessed more than 50% of voting rights at Ant but the changes will mean that his share falls to 6.2%, according to Reuters calculations. The expected penalty is part of Beijing’s sweeping and unprecedented crackdown on the country’s technology titans over the past two years that has sliced hundreds of billions of dollars off their values and shrunk revenues and profits.
Ant, whose businesses also span consumer lending and insurance products distribution, said Ma and nine of its other major shareholders had agreed to no longer act in concert when exercising voting rights, and would only vote independently.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Nigeria Nigeria Latest News, Nigeria Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
PC giant Dell will reportedly stop using Chinese chips as soon as next year | Business InsiderThe move comes as geopolitical relations between Washington and Beijing sour, and as factory operations continue to be hit by China's Covid policies.
Source: BISouthAfrica - 🏆 34. / 51 Read more »
After festive chaos, Chinese retail giant Shein says logistics backlogs in SA are resolved | BusinessChinese fast-fashion retailer Shein says the backlog issues that saw furious customers converge on its South African logistic partner’s premises in the days before Christmas have been resolved with delivery back to normal. | News24_Business _Business I am blown away by their exceptional service particularly over our festive season. 2 Weeks is what it took - unbelievable. Keep up the awesome work SHEIN_Official and Buffalo Logistics. 🙌 _Business Fuck 🇨🇳
Source: News24 - 🏆 4. / 80 Read more »
SA to meet finance watchdog in bid to avoid grey listThis comes after President CyrilRamaphosa late last month signed into law two key pieces of legislation that were seen as important in addressing deficiencies flagged by the Financial Action Task Force. Moneyweb Greylisting Economy Legislation is important but the issue is implementation and sustaining the implementation over long period.
Source: Moneyweb - 🏆 5. / 77 Read more »
Chinese billionaire Jack Ma spotted in Bangkok: Thai media reports - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.Alibaba Group founder Jack Ma was spotted socialising in Bangkok this week, having stayed out of the public eye since regulators in China launched a clampdown on his business empire in late 2021, social media posts and local media reports showed.
Source: SABCNews - 🏆 37. / 51 Read more »