Jack Ma, one of China’s most well-known businessmen, formerly served as a model for a generation of Chinese technology tycoons with his rags-to-riches story and love of public display.Following a Communist party crackdown on the nation’s digital sector that singled out the flamboyant billionaire, Jack Ma will relinquish control of Chinese fintech giant Ant Group, the company stated.But since Beijing scuttled Ant’s anticipated initial public offering (IPO) in Hong Kong in 2020 as a result of his scathing remarks about government regulators, the former English teacher has withdrawn from the public spotlight.Beijing also levied a record $2.75 billion punishment against Alibaba, the internet giant that Ma co-founded and which runs the well-known Chinese retail portals Taobao and Tmall, for suspected unfair business practises.Amid optimism that the industry restrictions might be relaxing, news of the approval sent Alibaba’s stock jumping about 9% in Hong Kong trading."