Firms linked to Ant Group saw their stocks rise on Monday after news over the weekend that founder Jack Ma would relinquish control of the Alibaba affiliate once known as Alipay.
These jumps may seem like a paradox, as Ma’s near disappearance from public view is not exactly encouraging for Chinese entrepreneurs or foreign investors.
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However, as we have explored recently in a different context (Coinbase’s post-settlement stock bump), markets hate uncertainty — and Ma’s downfall had been lingering way too long for their taste.
As you may recall, things turned sour for Ant Group two years ago, when its IPO plans were cut short by Chinese regulators. What followed was a long period of turmoil not only for Ant, but also for its founder and Chinese fintech as a whole.
Are Arm and Ant Group’s derailed exits back on track? by Anna Heim originally published on TechCrunch
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