HONG KONG: Jack Ma will cede control of Chinese fintech giant Ant Group, the company said, following a Communist party crackdown on the nation’s tech sector that targeted the charismatic billionaire.

One of China’s most recognisable entrepreneurs, Ma once exem-plified a generation of technology moguls with rags-to-riches tale and penchant for public showmanship. He retreated from public view since Beijing torched Ant’s planned IPO in 2020 after his barbed comments on government regulators.