Jack Ma Expresses Confidence in Ant Group’s Future

BEIJING (Reuters) – Alibaba co-founder Jack Ma voiced confidence in its affiliate Ant Group's future during a rare public appearance, acknowledging the substantial opportunities AI presents for the fintech giant amidst China's ongoing regulatory challenges.

Speaking at Ant Group's 20th anniversary celebration, Ma highlighted the benefits of seizing the opportunities of the Internet era. He remarked, "From today's perspective, the great changes brought by the AI era in the next 20 years will exceed everyone's imagination."
Ma expressed gratitude for the challenges Ant has faced, stating that they have aided in its growth and maturity.

Previously, Ma publicly criticized Chinese regulators in October 2020, which led to a halt in Ant's IPO process and increased regulatory scrutiny on the Chinese tech sector. Following this, Ma stepped back from the public eye. Ant, which operates Alipay, was once valued at over $300 billion before its IPO was pulled.

In response to regulatory demands, Ant has undergone significant organizational changes, and Ma relinquished control of the company in 2023. In July of last year, Chinese authorities imposed a nearly $1 billion fine for violations regarding consumer protection and corporate governance, concluding a lengthy regulatory overhaul.

On Sunday, Ant Group announced that President Cyril Han would succeed Eric Jing as CEO starting March 1.