Ant Group says Jack Ma to relinquish management of firm

Ant Group says Jack Ma to relinquish management of firm

Close

Ant Group says Jack Ma to relinquish management of firm

Whereas Ma solely owns a ten% stake in Ant, he exercised management over the corporate by associated entities

Jack Ma. Credit: Reuters File Photo

China’s Ant Group stated on Saturday that its founder Jack Ma will now not management the Chinese language fintech large after the agency’s shareholders agreed to implement a sequence of shareholding changes that may see him quit most of his voting rights.

Ma beforehand possessed greater than 50 per cent of voting rights at Ant however the adjustments will imply that his share falls to six.2 per cent, in accordance with Reuters calculations.

Whereas Ma solely owns a ten per cent stake in Ant, an affiliate of e-commerce large Alibaba Group Holding Ltd, he exercised management over the corporate by associated entities, in accordance with Ant’s IPO prospectus filed with the exchanges in 2020.

Hangzhou Yunbo, an funding car for Ma, had management over two different entities that personal a mixed 50.5 per cent stake of Ant, the prospectus confirmed.

Try DH’s newest movies

Try DH’s newest movies

Get a round-up of the day’s high tales in your inbox

We use cookies to grasp how you employ our website and to enhance person expertise. This consists of personalising content material and promoting. By persevering with to make use of our website, you settle for our use of cookies, revised Privateness Coverage.

Study extra I agree X