Chinese billionaire Jack Ma plans to relinquish control of fintech company Ant Group Co as part of his plans to move away from its affiliate Alibaba Group Holding Ltd, the Wall Street Journal reported on Thursday.

Alibaba did not immediately respond to a Reuters request for comment. US-listed shares of the company pointed to declines before the Wall Street open.

Last year, Reuters reported that Ant was exploring options for Ma to divest his stake in the fintech giant and relinquish control.

Ant, a subsidiary of Alibaba, has undergone a deep restructuring by China, with its $37 billion IPO derailed by the country’s regulators in late 2020.

Since canceling its IPO, Ant, controlled by Ma, has embarked on a regulatory-driven restructuring plan that would turn it into a financial conglomerate.

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