Chinese media such as Pengpai and foreign media including Reuters reported that Ant Group announced the results of a stock adjustment centered on Ma’s loss of control through a notice on its website today (7).
Reuters reported that Jack Ma held more than 50% of Ant Group’s voting rights in the past, but only 6.2% after a stake adjustment.
Ant Group said, “This share adjustment will make Ant Group’s share voting rights more transparent and decentralized, which will further optimize corporate governance and promote the stable and sustainable development of Ant Group.”
Ant Group, China’s largest and world’s leading fintech company, is a subsidiary of Alibaba Group, founded by Jack Ma, and the operator of Alipay, a Chinese electronic payment platform.
After Jack Ma criticized government regulations in October 2020, Alibaba Group, including Ant Group, became a key target of Chinese authorities’ “intensive Big Tech regulation”.
