Ant Group’s founder Jack Ma will not management the Chinese language fintech big after shareholders agreed to implement a sequence of changes.
Ma will surrender most of his voting rights, the group stated on Saturday.
The transfer marks one other large growth after a regulatory crackdown that put an finish to Ant’s $37 billion IPO in late 2020 and led to a pressured restructuring of the corporate.
Ma solely owns a ten% stake in Ant, an affiliate of e-commerce big Alibaba Group Holding, however has exercised management over the corporate via associated entities, in response to Ant’s IPO prospectus filed with the exchanges in 2020.
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Ma is the co-founder and former government chairman of Alibaba Group.
Ma beforehand possessed greater than 50% of voting rights at Ant however the adjustments will imply that his share falls to six.2%, in response to Reuters calculations.
Ant additionally stated it might add a fifth impartial director to its board in order that impartial administrators will comprise a majority of the corporate’s board. It at the moment has eight board administrators.
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“In consequence, there’ll not be a state of affairs the place a direct or oblique shareholder could have sole or joint management over Ant Group,” it stated in its assertion.
Ant’s market itemizing in Hong Kong and Shanghai was derailed days after Ma publicly criticized regulators in a speech in October 2020. Since then, his sprawling empire has been below regulatory scrutiny and going via a restructuring.
Reuters contributed to this report.