Billionaire Chinese businessman has rarely been seen in public since criticising regulators’ attitude to tech companies two years ago
Jack Ma has relinquished control of Chinese fintech giant Ant Group.Jack Ma will cede control of Chinese fintech giant Ant Group, the company has announced, following a Communist party crackdown on the nation’s tech sector that targeted the charismatic billionaire.
His company said in a statement on Saturday it was adjusting its ownership structure so that “no shareholder, alone or jointly with other parties, will have control over Ant Group”.Laying out the firm’s previous complex structure, the announcement showed Ma indirectly controlled 53.46% of Ant’s shares and deemed him the company’s “control person”.
Ten individuals – including the founder, management and staff – would “exercise their voting rights independently”, it said.Ant’s planned IPO would have been a world-record listing at the time and its damaging withdrawal came as Ma’s other business interests creaked under official scrutiny., the internet titan co-founded by Ma that operates popular Chinese shopping platforms Taobao and Tmall, with a record $2.75bn fine for alleged unfair practices.
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