• Chinese billionaire and Alibaba founder, Jack Ma, will no longer control the fintech giant Ant Group.
• Ant Group announced that Ma has agreed to give up control of the company as part of corporate governance optimization and restructuring.
• Major shareholders of Ant like Hangzhou Junhan and Hangzhou Junao will independently exercise their voting rights in the company.
Chinese billionaire and Alibaba founder, Jack Ma, has agreed to give up control of the fintech giant Ant Group as part of the company’s corporate structure changes. Ant Group made the announcement that Ma had relinquished control of the company, explaining that the adjustments would not change the economic interests of any shareholders or their beneficiaries.
As the control person in Ant, Ma had previously exercised control over the company through related entities in addition to his 10% stake in the company. However, under the restructuring, no single shareholder will have control over Ant, with major shareholders like Hangzhou Junhan and Hangzhou Junao independently exercising their voting rights.
The changes come after Ma founded Ant Group in 2014. Since then, the company has become one of the most successful fintech giants in the world. Analysts believe that Ma’s relinquishing control of the company could have a positive impact for Ant in the long term.
Going forward, Ant Group will continue to operate as a private company. It is unclear at this time how the changes will affect the firm’s operations and success. However, the company has expressed confidence that its corporate restructuring will enable it to continue to meet its objectives and deliver services to customers.