Jack Ma To Give Up Control Of China’s Ant Group

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.

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