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Friday, March 29, 2024

Jack Ma to cede control of fintech giant Ant Group

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Chinese billionaire Jack Ma will cede control of fintech giant Ant Group as part of a restructure, the company announced Saturday.

“No shareholder, alone or jointly with other parties, will have control over Ant Group (after the completion of the adjustment), the company said in a statement.

“The adjustment is being implemented to further enhance the stability of our corporate structure and sustainability of our long-term development.”

The statement laid out the previous complex structure of the company that showed Ma “indirectly” controlled 53.46 percent of Ant Group’s shares.

“As a result, Mr. Jack Ma (was) deemed to be the control person of Ant Group prior to the adjustment,” it said.

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Beijing has targeted major technology firms in recent years, and in 2020 pulled Ant’s planned initial public offering in Hong Kong at the last minute. The listing would have been a world record at the time.

Authorities also hit Alibaba, which Ma co-founded and formerly headed, with a record $2.75 billion fine for alleged unfair practices.

Regulators this week announced that Ant had won approval to raise 10.5 billion yuan ($1.5 billion) for its consumer finance arm in a further sign that authorities may be loosening their grip on the firm.

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