Jack Ma Loses Control of China's Largest Fintech Company Ant Group (Comprehensive)

Chairman Ma Yun of China's Alibaba Group [Photo by Yonhap News]

Alibaba founder Jack Ma has lost control over Ant Group, China's largest fintech (financial technology) company.

According to Chinese media such as Pengpai and major foreign news outlets, Ant Group announced the results of a shareholding adjustment on the 7th through a notice on its website, which centered on Jack Ma losing control.

Jack Ma previously held more than 50% of the voting rights in Ant Group, but after the shareholding adjustment, he now holds only 6.2%.

Originally, Jack Ma's shareholding in Ant Group was only 10%, but he exercised control over Ant Group through related entities.

Ant Group explained, "This shareholding adjustment has made the voting rights of Ant Group's shares more transparent and dispersed," adding, "This will further optimize the corporate governance structure and promote Ant Group's sustainable and stable development."

Ant Group, one of the world's leading fintech companies, is an affiliate of Alibaba Group, which was founded by Jack Ma. It operates Alipay, China's electronic payment platform.

Jack Ma initially planned to raise $35 billion by simultaneously listing in Shanghai and Hong Kong in November 2020. However, this was canceled after Jack Ma openly criticized government regulations in October of the same year.

This content was produced with the assistance of AI translation services.