- Jack Ma indirectly owned 53.46% of his shares.
- he will only possess 6.2% of the voting rights after the adjustment.
- The adjustment will not change the economic interests of any shareholders.
BEIJING: In response to a Communist Party assault on the country’s internet sector that singled out the flamboyant billionaire, Jack Ma will cede leadership of Chinese fintech behemoth Ant Group, the business announced on Saturday.
Ma, one of China‘s most well-known businessmen, once exemplified a generation of Chinese technology moguls with his rags-to-riches personal story and fondness for public spectacle.
However, the former English teacher has withdrawn from the public eye after Beijing destroyed Ant’s anticipated IPO in Hong Kong in 2020 as a result of his scathing remarks about government regulators.
In a statement released on Saturday, his business announced changes to its ownership structure that would prevent “any shareholder, acting alone or in concert with other parties, from exercising control over Ant Group.”
The notice outlined the company’s previous complicated organizational structure and stated that Ant was the “control person” because Ma indirectly owned 53.46% of his shares.
Based on the information in the statement, he will only possess 6.2% of the voting rights after the adjustment.
The Ant statement stated that the modification was made to further improve the stability of the company’s corporate structure and the sustainability of its long-term growth.
Ten individuals — including the founder, management, and staff — will “exercise their voting rights independently”, it said.
The adjustment will not change the economic interests of any shareholders.
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