A restructuring of China's Ant Group has founder and billionaire Jack Ma giving up control of the company.
Ant Group's founder Jack Ma will no longer control the Chinese fintech giant after shareholders agreed to implement a series of adjustments.The move marks another big development after a regulatory crackdown that put an end toMa only owns a 10% stake in Ant, an affiliate of e-commerce giant Alibaba Group Holding, but has exercised control over the company through related entities, according to Ant's IPO prospectus filed with the exchanges in 2020.
The logo of Ant Group, an affiliate of Alibaba, is pictured at the company's headquarters in Hangzhou, Zhejiang province, China.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.Ant also said it would add a fifth independent director to its board so that independent directors will comprise a majority of the company's board. It currently has eight board directors.
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