The billionaire entrepreneur matched the heights of America’s tech legends but failed to heed warnings that Chinese leader Xi Jinping still called the shots
WSJ
Exclusive: Chinese state firms to take big stake in Jack Ma’s Ant’s credit-scoring JV
HONG KONG (Reuters) – State-backed firms are set to take a sizeable stake in a key Ant Group asset for the first time, three people told Reuters, in a move that will loosen the Chinese fintech giant’s grip on a data treasure trove of over 1 billion users but help revive its IPO.
The partners plan to establish a personal credit-scoring firm, said the people, adding that such a firm and ownership structure was one aspect of restructuring ordered by regulators who put a sudden stop to Ant’s blockbuster initial public offering (IPO) in November.
Reuters