Alibaba co-founder and CEO Jack Ma will no longer control the Chinese fintech giant Ant Group. Fintech giant’s shareholders voted to implement a series of adjustments that will see the billionaire’s departure from Ant Group.
Chinese regulators had stopped Ant Group’s planned $37 billion IPO in Hong Kong in 2020.
Ant Group said in a statement that it is adjusting its ownership structure in a way so that “no shareholder, alone or jointly with other parties, will have control over Ant Group.”
Previously, Jack Ma indirectly was responsible for the company’s nearly 54% shares. With new structure adjustments, the Chinese billioanire will only hold around 6.2% of the voting rights in the company. Chinese regulators have not been kind to Alibaba founder since his comments about government regulation policies. Earlier, Alibaba was hit with a $2.75 billion fine for alleged unfair practices.
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