Shares of listed Chinese companies that count Ant Group as a major shareholder rose on Monday after announcements that Ant founder Jack Ma is giving up control of the fintech giant following an overhaul.
also rose. Ant indirectly owns stakes ranging from more than 20% to slightly more than 5% in those companies.The overhaul seeks to draw a line under a regulatory crackdown that was triggered soon after its mammoth stock market debut was scuppered two years ago.
Guo Shuqing, head of China's Banking and Insurance Regulatory Commission , said in an interview with China's official Xinhua news agency published on Jan. 7 that rectification of financial businesses of 14 platform companies have been "basically completed", while a few remaining issues need to be resolved. Guo did not name the companies.
Morgan Stanley, in a Jan. 8 research note, said it would elevate Alibaba to its "top pick" of stocks in China's internet industry in 2023, citing easing regulation as part of the reasons for its decision.
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