Ant-linked firms, Alibaba shares rise on news of Jack Ma ceding control

Ant-linked firms, Alibaba shares rise on news of Jack Ma ceding control

FILE PHOTO: Founder and Executive Chairman of Alibaba Group Jack Ma attends the Ant Financial event in Hong Kong, China November 1, 2016. REUTERS/Bobby Yip/File Photo

Shares of listed Chinese companies that count Ant Group as a major shareholder rose on Monday after announcements that Ant founder Jack Ma is giving up control of the fintech giant following an overhaul.