Jack Ma to relinquish control of Ant team


CNN
 — 

Chinese billionaire Jack Ma will no longer manage Ant Group soon after the fintech giant’s shareholders agreed to reshape its shareholding framework, according to a assertion launched by the firm on Saturday.

Immediately after the adjustment, Ma’s voting legal rights will fall to 6.2%, in accordance to the statement and CNN calculations.

Ahead of the restructure, Ma held 50.52% of voting legal rights at Ant by means of Hangzhou Yunbo and two other entities, according to its IPO prospectus filed with stock exchanges in 2020.

Ant additional in the statement that the voting legal rights adjustment, a go to make the company’s shareholder framework “more clear and diversified,” will not final result in any adjust to the financial pursuits of any shareholders.

Ant stated its 10 major shareholders, together with Ma, experienced agreed to no more time act in concert when doing exercises their voting legal rights, and would only vote independently, and thus no shareholder would have “sole or joint management above Ant Team.”

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

As element of the company’s restructuring, Ant used for an expansion of its registered capital from $1.2 billion to $2.7 billion. The China Banking and Insurance plan Regulatory Fee recently accredited the application, according to a govt discover issued late final week.

Following the fund-raising generate, Ant will handle 50 % of its essential shopper finance device, although an entity controlled by the Hangzhou town federal government will personal a 10% stake. Hangzhou is where by Alibaba and Ant have been headquartered because their inceptions.

Ant Team is a fintech affiliate of Alibaba, each of which were launched by Ma.

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