Jack Ma to cede control of Chinese fintech Ant Group
Chinese billionaire and founder of Ant Group Jack Ma will be giving up his control of the fintech firm, it said in a statement.
Jack Ma cedes control of Ant Group
Ant Group’s shareholders have agreed to carry out a restructuring process that will see Ma give up most of his voting rights, according to the statement.
“The Adjustment is being implemented to further enhance the stability of our corporate structure and sustainability of our long-term development,” Ant Group says, adding that it “will not result in any change to the economic interests of any shareholders of Ant Group and their beneficiaries”.
The company says that on completion of the restructuring, “no shareholder, alone or jointly with other parties, will have control over Ant Group”.
The move comes two years after the Chinese government stopped Ant Group’s $37 billion initial public offering (IPO) in its tracks after Ma’s criticism of the country’s regulators and banks in October 2020.
