Shares of Ant-controlled companies, Alibaba rise after Jack Ma gives up control

(Image: Reuters)

Shares of listed Chinese companies that count Ant Group as a major shareholder rose on Monday, after announcing that Ant founder Jack Ma is no longer their controller following an overhaul at the fintech giant.

Hong Kong-listed shares of Ma's Alibaba jumped more than 5%.

Shares of Longshine Technology Group Co Ltd, Jilin Zhengyuan, Shanghai Golden Bridge Infotech Co, Orbbec Inc and Hundsun Technologies, in which Ant owns a more than 5% stake, also rose.

Ant said over the weekend that founder Jack Ma will give up control of the company.

The overhaul seeks to draw a line under a regulatory crackdown that was triggered soon after its mammoth stock market debut was scuppered two years ago.