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JACK MA TO RELINQUISH CONTROL OF ANT GROUP

By Yong Xiong and Laura He, CNN
Updated 8:33 PM EST, Sat January 7, 2023
Link Copied!

Jack Ma speaks in Paris on May 16, 2019.
Philippe Lopez/AFP/Getty Images
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.

Before the restructure, Ma possessed more than 50% of voting rights at Ant via
Hangzhou Yunbo and two other entities, according to its IPO prospectus filed
with the exchanges in 2020.

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Ant added in the statement that the voting rights adjustment, a move to make the
company’s shareholder structure “more transparent and diversified,” will not
result in any change to the economic interests of any shareholders.

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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As part of the company’s restructuring, Ant’s consumer finance unit applied for
an expansion of its registered capital from $1.2 billion to $2.7 billion. The
China Banking and Insurance Regulatory Commission recently approved the
application, according to a government notice issued late last week.

After the fund-raising drive, Ant will control half of its key consumer finance
unit, while an entity controlled by the Hangzhou city government will own a 10%
stake. Hangzhou is where Alibaba and Ant have been headquartered since their
inceptions.

Ant Group is a fintech affiliate of Alibaba, both of which were founded by Ma.

This story has been updated with additional information.


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