Regulators jolted financial markets on November 3 by suspending the market debut of Ant Group, the world’s biggest online finance platform. That followed a speech in which Ma criticized regulators as backward and an obstacle to business development. Ma has yet to publicly comment on the matter since the suspension of Ant Group’s IPO. The move to regulate monopolistic power of China’s technology giants sparked a sell-off in Chinese internet stocks. Alibaba owns a third of Ant Group, with Ma owning just over 50 percent, according to the Ant Group prospectus.

Source: Manila Times November 23, 2020 15:45 UTC