ByteDance Ltd. – pressnews

[ad_1] Ant Group Co. finished a procedure to remove controlling stakeholders almost a year after billionaire Jack Ma promised to cede his dominance of the Chinese finance giant. As part of the process, the People's Bank of China granted an application to remove any controlling shareholders at Ant's Chinese payment platform Alipay, according to a statement from the central bank. The bank now lists Ant's Alipay as a firm without an actual controller. Ma, co-founder of Alibaba Group Holding Ltd., announced his retreat from Ant earlier this year in one of a number of moves aimed at appeasing Chinese regulators. In January, the finance company said 10 individuals, including management and staff, would be offered voting rights that would effectively remove the billionaire's control. The adju...

[ad_1] I'm not totally yet sold on the idea of “social commerce.” The concept, already big in Asia, takes what was previously the role of the grinning influencer class and scales it out to just about everyone. Buy a product, make a video convincing your friends to buy it, make money, repeat. Icky, I think. The future, analysts say, is a $100 billion market by 2025.In the US, capturing this opportunity is said to be a battle between two existing giants, in which each player has what the other wants. Amazon.com Inc. has shopping but no compelling social platform. ByteDance Ltd.'s TikTok has that addictive social secret sauce but has made only limited inroads into shopping. Both are hard at work trying to solve their shortcomings. But a potential new player has emerged in this world: Flip....

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Firm Without Actual Controller! Ant Completes Process of Removing Jack Ma-Happens Only in China