Ant Group: Founder Jack Ma no longer has control

[January 07, 2023](Comprehensive report by Epoch Times reporter Chen Ting)Ant FinancialThe group said on Saturday (January 7) that its founderJack MaAfter a series of shareholding adjustments, has relinquished control of the group.

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According to Reuters, in 2020,the cpcRegulators announce suspensionAnt GroupAfter an IPO of up to US$37 billion and the reorganization of Ant Group, the outside world has speculated that the Chinese billionaire will eventually give upControl.

Although some analysts sayJack Magive upControlmay clear obstacles for the company to resume listing, but under China’s listing regulations, changes in equity will cause further delays in listing.

China’s domestic A-share market requires companies to wait three years after a change of control before going public, the report said. On the Science and Technology Innovation Board of the Shanghai Stock Exchange, the waiting time is two years, and in Hong Kong it is one year.

according toAnt FinancialIn the 2020 IPO prospectus, Ma Yun owns 10% of Ant Financial, but controls the company through related entities.

According to the prospectus, Jack Ma has control over two other entities, which collectively own 50.5% of Ant Financial.

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Ant Financial said that Jack Ma and nine other major shareholders have agreed not to act in concert when exercising voting rights, but to vote independently.

The changes mean Ma’s share of the stock will drop to 6.2 percent, according to Reuters calculations.

Ant Financial also stated that the board of directors will add a fifth independent director, so that independent directors will account for the majority of the nine-seat board of directors.

“Therefore, there will no longer be direct or indirect shareholders, individually or jointly controllingAnt GroupCase. ’ it said in a statement.

Since October 2020, Jack Ma has publicly criticized in a speechthe cpcAnt Financial’s listings in Hong Kong and Shanghai were blocked after regulatory agencies. Since then, his conglomerate has come under regulatory scrutiny and has been forced to restructure.

Ant Financial operates Alipay, which has more than 1 billion users.

Ma has maintained a low-key public image over the past two years as Communist Party regulators have cracked down on China’s tech giants.

Andrew Collier, managing director of Orient Capital Research, said: “Jack Ma’s departure from Ant Financial, the company he founded, demonstrates the determination of the Chinese leadership to reduce the influence of large private investors. “

“This trend will continue to erode the most productive part of the Chinese economy,” he said.

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Editor in charge: Ye Ziwei