Jack Ma to relinquish control of Ant group

Also: Jack Ma to give up control of China’s Ant Group, firm says (Agence France-Presse)

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Source: CNN

Jack Ma to relinquish control of Ant group

By Yong Xiong and Laura He, CNN
Updated 6:58 AM EST, Sat January 7, 2023

(CNN) — Chinese billionaire Jack Ma will no longer control Ant Group after the fintech giant’s shareholders agreed to reshape its shareholding structure, according to a statement released by the company on Saturday.

After the adjustment, Ma’s voting rights will fall to 6.2%, according to the statement and CNN calculations.

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Ant said its 10 major shareholders, including Ma, had agreed to no longer act in concert when exercising their voting rights, and would only vote independently, and thus no shareholder would have “sole or joint control over Ant Group.”

The voting rights overhaul came after Chinese regulators pulled the plug on Ant’s $37 billion IPO in November 2020, and ordered the company to restructure its business.

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Read more: https://edition.cnn.com/2023/01/07/intl_business/jack-ma-ant-group-restructuring-intl-hnk/index.html

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Source: Agence France-Presse

Jack Ma to give up control of China’s Ant Group, firm says

Agence France-Presse in Beijing
Sat 7 Jan 2023 05.38 GMT
Last modified on Sat 7 Jan 2023 08.33 GMT

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.

One of China’s most recognisable entrepreneurs, Ma once exemplified a generation of Chinese technology moguls with his rags-to-riches personal tale and penchant for public showmanship.

But the former English teacher has retreated from public view since Beijing torched Ant’s planned initial public offering (IPO) in Hong Kong in 2020 following his barbed comments about government regulators.

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”.

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Read more: https://www.theguardian.com/business/2023/jan/07/jack-ma-to-give-up-control-of-chinas-ant-group-firm-says