Alibaba said in its annual report that the two companies agreed to terminate their data sharing agreement on July 25, and will instead negotiate on a case-by-case basis. The move away from Ant comes after Alibaba experienced a difficult year, with stagnant revenue growth, capital market risks, as well as national security issues. — SCMP
The bond between Alibaba Group Holding and Ant Group, which share a common founder in Jack Ma and once even seemed to operate as one company, is unravelling at an accelerated pace as the fintech giant seeks a greenlight from regulators to go public.
Last week, Alibaba revealed in its latest annual report that the top executives of Ant Group, including chairman and chief executive Eric Jing Xiandong, chief technology officer Ni Xingjun and president of its international business group Angel Zhao Ying, had resigned from its partnership structure.
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