© Reuters. FILE PHOTO: Alibaba Group co-founder and executive chairman Jack Ma attends the World Artificial Intelligence Conference (WAIC) in Shanghai, China, September 17, 2018. Picture taken September 17, 2018. REUTERS/Aly Song/File Photo
SHANGHAI (Reuters) – Shares of listed Chinese companies that count Ant Group as a major shareholder rose on Monday, after announcing that Ant founder Jack Ma is no longer their controller following an overhaul at the fintech giant.
Hong Kong-listed shares of Ma’s Alibaba (NYSE:) jumped more than 5%.
Shares of Longshine Technology Group Co Ltd, Jilin Zhengyuan, Shanghai Golden Bridge Infotech Co, Orbbec Inc and Hundsun Technologies, in which Ant owns a more than 5% stake, also rose.
Ant said over the weekend that founder Jack Ma will give up control of the company.
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.
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