Ant Group founder Jack Ma is giving up control over the Chinese fintech giant, in a move that could help refresh listing efforts.
Jack Ma is giving up most of his voting rights in Ant Group after shareholders agreed to enact a series of adjustments, according to a statement on January 7.
«The adjustment is being implemented to further enhance the stability of Ant Group’s corporate structure and sustainability of the long-term development,» the Chinese fintech firm said. «The adjustment will not result in any change to the economic interests of any shareholders of Ant Group and their beneficiaries.»
Ownership Restructuring
Ma, along with three partners, previously held more than 53 percent stake in Ant Group via investment vehicle Hangzhou Yunbo Investment, which controls two entities – Hangzhou Junhan and Hangzhou Junao.
Following the agreement, the two entities will be owned by different investment vehicles while Ma will only hold Ant Group’s stake via Hangzhou Junhan and his voting rights will fall to around 6.2 percent.
The adjustment of Ant Group’s shareholding is widely believed to help revive its listing efforts after a halted IPO in late 2020 was followed by a multi-year tech crackdown which included increased scrutiny and restructuring at the fintech firm.
