Jack Ma expresses confidence in Ant Group's AI future, emphasizing significant changes ahead

From Investing.com: 2024-12-09 02:35:38

Alibaba co-founder Jack Ma expressed confidence in Ant Group’s future, citing AI opportunities at a rare public appearance since China halted the planned IPO in 2020. Ma welcomed the AI technological revolution, emphasizing the significant changes it will bring in the next 20 years. Ant Group did not comment immediately.

Ma acknowledged the challenges faced by Ant Group, stating that the experiences helped the company grow and mature. He praised the encouragement and criticisms received over the years. Ma, China’s prominent tech entrepreneur, publicly criticized regulators in October 2020, leading to the suspension of Ant Group’s massive listing.

Ant Group operates Alipay, China’s popular mobile payment app, and was valued at over $300 billion before its IPO was pulled in 2020. Alibaba holds a 33% stake in Ant. The fintech firm has undergone organizational changes to comply with financial regulations, with Ma relinquishing control in 2023.

In July last year, Chinese authorities fined Ant Group nearly $1 billion for violating consumer protection and corporate governance laws, concluding a lengthy regulatory overhaul. Ant Group announced the promotion of President Cyril Han as the new CEO, succeeding Eric Jing from March 1.



Read more at Investing.com: Chinese billionaire Jack Ma sees AI future for Ant Group, in rare appearance By Reuters