Why did he come back and why did Jack Ma get lost?

Ant Group to Restructure as Financial Holding Company Under People's Bank of China, WSJ Report Says 

Jack Ma

Jack Ma

Ant Group (Chinese: 蚂蚁集团; pinyin: Mǎyǐ jítuán), 

formerly known as Ant Financial and Alipay, is an affiliate company of the Chinese Alibaba Group. The group owns China's largest digital payment platform Alipay, which serves over one billion users and 80 million merchants, with total payment volume (TPV) reaching CN¥118 trillion in June 2020. In March 2019, The Wall Street Journal reported that Ant's flagship Tianhong Yu'e Bao money-market fund was the largest in the world, with over 588 million users, or more than a third of China's population, contributing cash to it.

Alipay, the world's largest mobile and online payments platform as well as Yu’e Bao, formerly the world's largest money-market fund. It also runs Zhima Credit, a third-party credit rating system. As of September 2017, Ant Group unveiled its facial recognition payment technology through its Alipay services

In October 2020, Ant Group was set to raise US$34.5 billion in the world's largest IPO at the time, valuing the company at US$313 billion.On the eve of the IPO, China stopped the process from moving forward. 

It was reported that the Chinese Communist Party leader Xi Jinping personally scuttled the Ant IPO.

The move comes after the Chinese government had begun cracking down on mainland tech firms, namely after the Ant Group's $37 bln initial public offering in November last year, citing concerns over comments from the fintech firm's founder and chairman at an event.

Alipay's Ant Group has been restructured as a financial holding company under China's state bank, the People's Bank of China (PBoC), the Wall Street Journal wrote on Wednesday.

Chinese regulators have reportedly told the fintech firm to restructure to abide by tougher capital requirements, subjecting the company to similar regulatory standards as banks, the report read.

The restructuring plan is still in talks and could be finalised ahead of the Chinese Lunar New Year in February, the WSJ said, citing people familiar with the matter.

The Financial Stability and Development Committee will need to approve the final plans, the sources added. The Ant Group, PBoC, State Council Information Office and China Banking and Insurance Regulatory Commission have not commented.
The news comes after dual listings on the Hong Kong and Shanghai stock exchanges were quickly halted in November of last year following criticisms from company founder Jack Ma in October over alleged excessive bureaucracy in China.

Authorities visited Ma ahead of the IPO listing and the Shanghai Stock Exchange, who later announced the company would "fail to meet" issuance and listing conditions. Refunds on over $2.8 trillion in IPO investments were later issued, according to reports.

Further headaches come after parent company Alibaba Group Holding Ltd and a division of Tencent Holdings Ltd were slapped with a 500,000 yuan ($76,500) fine for failing to seek approval for acquisitions in a proposed merger.

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