Ant Group founder Jack Ma to give up control in key restructuring
Ant's $37 billion IPO, which would have been the world's largest, was cancelled at the last minute in November 2020, leading to a forced restructuring of the financial technology firm and speculation the Chinese billionaire would have to cede control.
A former English teacher, Ma previously possessed more than 50% of voting rights at Ant but the changes will mean that his share falls to 6.2%, according to Reuters calculations., but has exercised control over the company through related entities, according to Ant's IPO prospectus filed with the exchanges in 2020.
But Chinese authorities have in recent months softened their tone on the tech crackdown amid efforts to bolster a $17-trillion economy that has been badly hurt by the COVID-19 pandemic. Ant, whose businesses also span consumer lending and insurance products distribution, said Ma and nine of its other major shareholders had agreed to no longer act in concert when exercising voting rights, and would only vote independently.
"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," it said in its statement.for Ma, one of China's most successful and influential businessmen, to divest his stake in Ant and give up control.cede control Once outspoken, Ma has largely remained out of public view since the regulatory crackdown that has reined in the country's technology giants and did away with a laissez-faire approach that drove breakneck growth.
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