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Jack Ma relinquishes control of Ant Group.

Published: 2023-01-07

It became known that the Chinese billionaire Jack Ma refused control rights in Ant Group. Going forward, ten individuals will have independent voting rights, including the company's founder, management and staff. At the same time, the shares of Ant Group shareholders will remain unchanged.

Jack Ma disappeared from public view shortly after he came out in 2020 with a scathing criticism of China's financial regulators. Shortly thereafter, Chinese authorities blocked Ant Group's initial public offering (IPO) on the Shanghai and Hong Kong exchanges, and Alibaba was later fined a record $2.8 billion for antitrust violations.

The change in control could mean that Ant Group will have to wait longer for an IPO, as Chinese companies cannot list domestically on the so-called A-share market if they have changed hands in the past three years. For the Shanghai Exchange this period is two years, and for the Hong Kong Exchange it is one year.

Despite the upcoming changes, Ma will continue to have the right to vote. Alibaba officials said last year that Ma intends to reduce and subsequently limit his stake in Ant Group to no more than 8.8%. The Board of Directors of Ant Group will mainly consist of independent directors.