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Submitted URL: https://www.cnn.com/2023/01/07/intl_business/jack-ma-ant-group-restructuring-intl-hnk/index.html
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Submission: On January 08 via api from CH — Scanned from DE
Effective URL: https://edition.cnn.com/2023/01/07/intl_business/jack-ma-ant-group-restructuring-intl-hnk/index.html
Submission: On January 08 via api from CH — Scanned from DE
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CNN VALUES YOUR FEEDBACK 1. How relevant is this ad to you? 2. Did you encounter any technical issues? No Video player was slow to load content Video content never loaded Ad froze or did not finish loading Video content did not start after ad Audio on ad was too loud Other issues Ad never loaded Ad prevented/slowed the page from loading Content moved around while ad loaded Ad was repetitive to ads I've seen previously Other issues Cancel Submit Thank You! Your effort and contribution in providing this feedback is much appreciated. Close Ad Feedback Close icon Markets Tech Media Success Perspectives Videos More Markets Tech Media Success Perspectives Videos Audio Live TV Log In My Account * Settings * Log Out Your CNN account Log in to your CNN account Search Log In My Account * Settings * Log Out Your CNN account Log in to your CNN account -------------------------------------------------------------------------------- Live TV Audio -------------------------------------------------------------------------------- Edition US International Arabic Español Edition * US * International * Arabic * Español -------------------------------------------------------------------------------- Markets Tech Media Success Perspectives Videos Follow CNN Business * * * -------------------------------------------------------------------------------- * US * Crime + Justice * Energy + Environment * Extreme Weather * Space + Science * World * Africa * Americas * Asia * Australia * China * Europe * India * Middle East * United Kingdom * Politics * SCOTUS * Congress * Facts First * 2020 Election * Business * Markets * Tech * Media * Success * Perspectives * Video * Opinion * Political Op-Eds * Social Commentary * Health * Life, But Better * Fitness * Food * Sleep * Mindfulness * Relationships * Entertainment * Movies * Television * Celebrity * Tech * Innovate * Gadget * Foreseeable Future * Mission: Ahead * Upstarts * Work Transformed * Innovative Cities * Style * Arts * Design * Fashion * Architecture * Luxury * Beauty * Video * Travel * Destinations * Food & Drink * Stay * Videos * Sports * Pro Football * College Football * Basketball * Baseball * Soccer * Olympics * Hockey * Videos * Live TV * Digital Studios * CNN Films * HLN * TV Schedule * TV Shows A-Z * CNNVR * CNN Underscored * Electronics * Fashion * Beauty * Health & Fitness * Home * Reviews * Deals * Money * Gifts * Travel * Outdoors * Pets * CNN Store * Coupons * More * Photos * Longform * Investigations * CNN Profiles * CNN Leadership * CNN Newsletters * Work for CNN Markets DOW 33,630.61 2.13% S&P 500 3,895.08 2.28% NASDAQ 10,569.29 2.56% Fear & Greed Index 46 neutral is driving the US market Latest Market News Mount Sinai Hospital continues moving infants out of NICU, diverts ambulances and postpones elective surgeries ahead of planned nursing strike Has inflation finally peaked? Emmanuel Macron presses ahead with pension reform as French discontent swells Something isn't loading properly. Please check back later. 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. Ad Feedback 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. Ad Feedback 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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