Tag: Jack Ma

Firm Without Actual Controller! Ant Completes Process of Removing Jack Ma-Happens Only in China
31Dec By adminNo Comments
Technology

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

[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...
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Jack Ma-Backed Ant Developing Large Language Model Technology
22Jun By adminNo Comments
Technology

Jack Ma-Backed Ant Developing Large Language Model Technology

[ad_1] Jack Ma-backed Ant Group Co. is developing large-language model technology that will power ChatGPT-style services, joining a list of Chinese companies seeking to win an edge in next-generation artificial intelligence.The project known as “Zhen Yi” is being created by a dedicated unit and will deploy in-house research. An Ant spokesperson confirmed the news which was first reported by Chinastarmarket.cn Ant is racing against companies including its affiliate Alibaba Group Holding Ltd., Baidu Inc. and SenseTime Group Inc. Their efforts mirror developments in US where Alphabet Inc.'s Google and Microsoft Corp. are exploring generative AI, which can create original content from poetry to art just with simple user prompts. AI has become the next big arena for tech competition between ...
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Jack Ma: tycoon who soared on China’s tech dreams grounded by regulators
8Jan By adminNo Comments
Technology

Jack Ma: tycoon who soared on China’s tech dreams grounded by regulators

[ad_1] Jack Ma, founder of tech giant Alibaba, has stepped out of the limelight since a Communist Party crackdown that chopped back his empire. Jack Ma, the unconventional billionaire founder of tech giant Alibaba and the totem of China's entrepreneurial brilliance, has stepped out of the limelight since a Communist Party crackdown that chopped back his empire. The most recognisable face in Asian business, Ma has seen his fortune fall by around half to an estimated $25 billion after authorities pulled what would then have been the world's biggest-ever IPO in 2020. Chinese regulators torched the planned listing of Ma's Ant Group in Hong Kong and Shanghai, and the following year hit Alibaba with a record $2.75 billion fine for alleged unfair practices. A reshuffle of Ant's shareh...
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Jack Ma’s Ant Incurs a 63% Profit Plunge Amid Overhaul
17Nov By adminNo Comments
Technology

Jack Ma’s Ant Incurs a 63% Profit Plunge Amid Overhaul

[ad_1] Ant Group Co. incurred a steeper profit decline in the three months ended in June, as the fintech giant molds itself to appease Chinese regulators. Ant Group Co. incurred a steeper profit decline in the three months ended in June, as the fintech giant molds itself to appease Chinese regulators.The Hangzhou-based company contributed 2.4 billion yuan ($335 million) to Alibaba Group Holding Ltd.'s earnings, a filing showed Thursday. Based on Alibaba's one-third stake in Ant, that translates to an estimated 7.3 billion yuan of profit for Ant's June quarter, down 63% from a year earlier. Ant's earnings, which lag a quarter behind Alibaba's, were partly hurt by a drop in the value of its investments. Representatives with Ant declined to comment. The fintech business controlled by bil...
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