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Ant, Alibaba plan for less intertwined future after China crackdown

June 22, 2022
Source: malaymail.com malaymail.com
News Snapshot:
> BEIJING, June 22 — Ant Group and Alibaba are untangling their operations from each other and independently seeking new business as the Jack Ma-founded companies navigate China’s devastating regulatory crackdown, four sources familiar with the matter said. E-commerce giant Alibaba Group Holding 9988.HK created what would become payments and financial services provider Ant and spun it off in 2011, although it still retains a 33 per cent stake and the two companies have some overlap in leadership. However, the duo have begun to unwind some of their collaborative arrangements as they try to recover from a sweeping technology sector...
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Tags: Alibaba | Alipay | Amazon | Ant Group | Antitrust | bank | Beijing | China | Chinese | e-commerce | Economy | finance | fintech | human resources | Internet | investment | ipo | Jack Ma | mobile | online payment | online shopping | online video | Pinduoduo | revenue | Shanghai

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