The shake-up comes a day after founder Jack Ma made a rare public appearance in China.
With Ant Group distancing itself from Ma and Alibaba, it should face fewer regulatory hurdles, however, China and Hong Kong’s listing requirements might delay the the much-awaited IPO till at least 2024.
As Alipay becomes one of the top e-payment channels in the Chinese mainland and seeks overseas expansion, Ma is stepping further away from the business empire he created decades ago.
Losses increased because of decline in value of investments in publicly-traded companies; backing for newer businesses such as Taocaicai and Taobao Deals; and the continued impact of Covid.
Chinese technology giant reports heaviest profit decline in five years and slowest revenue growth since it listed in 2014.
While pandemic spending boosted topline by 30% for the second quarter, operating profit took a 33% knock due to expenses related to Ant Group.
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