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Founder Jack Ma to cede control of Chinese fintech giant Ant Group

Ant Group: The Wall Street Journal reported on Saturday that Chinese entrepreneur Jack Ma will no longer be the controlling person of Ant Group, citing a statement issued by the Chinese fintech behemoth.

The adjustments are intended to minimise Ant’s reliance on the flamboyant Chinese billionaire, who co-founded Alibaba Group Holding and assisted in the creation of Ant, as previously reported by the Journal. Ma retains vote rights in a company that owns Ant, as do nine Ant executives and employees who have also been granted voting rights. According to the statement, they jointly own the corporation.

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Ma owns only 10% of Ant, an offshoot of e-commerce behemoth Alibaba Group Holding.

According to Ant’s initial public offering (IPO) prospectus filed with the exchanges in 2020, he is believed to have exercised control over the company through associated entities.

Ma has mostly vanished from public eye after delivering a speech criticising regulators on the eve of the Ant listing’s cancellation in 2020.

The New York Times claimed that regulators had pulled the plug on Ant Group’s initial public offering on November 3, 2020, which had been all but ready to hit “Go” on its $34 billion stock debut in Shanghai and Hong Kong.

According to the New York Times, the first public offering would have raised more money than Saudi Aramco, the state-owned oil company, did when it went public last year.

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And Ant would have raised the funds on the other side of the world from New York, which has traditionally been the preferred listing location for Chinese technology companies.

According to a statement from the China Securities Regulatory Commission, Ant Group’s controller Jack Ma, executive chairman Eric Jing, and CEO Simon Hu were called and interviewed by Chinese regulators.

Read More :- Latest World News

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