Chinese billionaire Jack Ma sees AI future for Ant Group, in rare appearance

BEIJING (Reuters) – Alibaba (NYSE:) co-founder Jack Ma voiced confidence in its affiliate Ant Group’s future, seeing significant opportunities in artificial intelligence for the fintech giant, at a rare public appearance since China halted its planned IPO in 2020.

Speaking on Sunday at the 20th anniversary celebration for Ant Group, which he also co-founded, Ma welcomed the AI technological revolution, according to Chinese media outlet 36kr.

Ant Group did not immediately respond to a Reuters request for comment.

“Our generation is very lucky. We seized the opportunities of the Internet era,” said Ma, according to the report. “From today’s perspective, the great changes brought by the AI ​​era in the next 20 years will exceed everyone’s imagination.”

He also said he was grateful for the experiences and challenges Ant had faced over the past few years. “It is these encouragements and criticisms that help Ant grow and mature,” he was quoted as saying.

Ma, China’s best-known tech entrepreneur, publicly criticized Chinese regulators in a speech in October 2020, derailing a massive listing by Ant Group. That was followed by regulatory crackdowns on the Chinese tech sector, with Ma largely withdrawing from public life.

Ant operates China’s ubiquitous mobile payment app Alipay and in mid-2020, before its IPO was pulled, it was valued by some investors at more than $300 billion. Alibaba holds a 33% stake in Ant.

The fintech firm has since undergone sweeping organisational changes to comply with financial regulations. Ma gave up control of Ant Group in 2023.

In July last year, Chinese authorities announced a nearly $1 billion fine for Ant Group for violating laws concerning consumer protection and corporate governance, ending a years-long regulatory overhaul of the fintech company.

On Sunday, Ant Group said it would promote President Cyril Han to take over from Eric Jing as chief executive officer from March 1.