Chinese billionaire Jack Ma made a rare public appearance during Ant's 20th-anniversary speech, rallying his team after a government crackdown led to the cancellation of what would have been the world's largest initial public offering four years ago. The co-founder of Ant and its affiliate Alibaba spoke about the company's future, emphasizing the opportunities AI presents, as per a transcript of his speech. Ant declined to comment on the matter.
"We were lucky to capture the opportunities of the internet 20 years ago”, Ma said in the speech. "In the next 20 years, AI will bring changes far beyond the imagination, AI will bring on an even greater era”.
He acknowledged the challenges and tests that Ant faced, adding that the company has matured and benefited from criticism. Also, Ant said it will promote President Cyril Han to the chief executive officer, effective in March 2025, to succeed Eric Jing who will remain as chairman.
Chinese authorities abruptly halted Ant’s IPO in November 2020 and ordered a sweeping overhaul of its business model to comply with financial regulations. Over the past few years, Hangzhou-based Ant has reorganized its units and has been counting on breakthroughs in tech and AI to revitalize profit growth dented by the regulatory crackdown.
Ant is expanding its business with AI-powered products in areas including dining, ride-hailing, entertainment services, health care, and finance, which are playing an increasing part in Chinese people’s lives. The company’s profit grew almost 193% in the quarter ended June, reversing a yearlong decline.
Ant is expanding its global presence through Ant International, which is reinforcing its four main business pillars Alipay+, Antom, WorldFirst, and Embedded Finance this year. In March, the company established independent boards for its international, database, and digital technology units to prepare for potential future spinoffs.
Ma has made similar remarks to motivate staff at Alibaba, urging them to 'believe in the future' in an internal letter from September. He has also paid a visit to the company’s campus.