The Ant Group said on Saturday that its Founder, Jack Ma, will no longer control the Chinese fintech giant. The firm seeks to draw a line under the regulatory crackdown triggered when the mammoth stock market debut was scuppered two years ago, leading to a forced restructuring of financial technology and speculation that the Chinese billionaire would have to cede control.
Ma only owns a 10% stake in Ant, but has exercised control over the company through related entities, according to Ant’s IPO prospectus filed with the exchanges in 2020. “As a result, there will no longer be a situation where a direct or indirect shareholder will have sole or joint control over Ant Group,” Ant said in its statement.
