The Chinese authorities decided to take away from the billionaire Jack Ma one of the most valuable assets in his empire and want Ant Group to hand over their data on consumer lending to the state controlled by the state, reports Financial Times.
According to sources of publication, the new company will also have to work with other financial organizations that compete with ant in the field of lending, for example, state banks. One of the interlocutors Financial Times said that the State Control Constand the ability of ANT to collect and analyze information about the key sectors of their business. In the Ant Group itself, the situation refused to comment.
On the other hand, Chinese IT companies have a way to protect against the pressure of the authorities: they have become more active to induce officials. In particular, in Alibaba, Jack Ma crossed three high-ranking state officials, in Tencent and Bytedance – two, at Ant Group and Meituan – one by one.
The MA conflict with the Chinese authorities began last year after the entrepreneur criticized the government policy in the question of digital technologies. After that, the IPO was not allowed to leave the “daughter” Alibaba – Ant Group. The cause of hostility could be an investigation into the possible beneficiaries of the transaction. Among them were people associated with political clans who are unworthy of the current government. In February, Ant Group and Chinese regulators agreed on the restructuring plan, which will turn the company to financial holding.