Ant Group issued a statement last weekend confirming that Jack Ma is no longer the company’s controller. Ant-owned Alipay and WeChat Pay are two of the most popular mobile payment methods in China. Ant originally planned to conduct an IPO at the end of 2020, but it was suddenly called off on the eve of listing. The latest announcement stated that Jack Ma will no longer be the “controller” holding 34% of the company’s shares, but one of the company’s top 10 shareholders. “The core of this adjustment is the change in the voting rights of Ant Group’s major shareholders. Mr. and his persons acting in concert jointly exercised the voting rights of shares, and 10 natural persons including the management of Ant Group, employee representatives and the founder Mr. Ma Yun independently exercised the voting rights of shares respectively. The governance structure is more stable, which is conducive to the long-term sustainable development of the company; This adjustment will not lead to changes in the economic interests of Ant Group shareholders and related beneficiaries.”
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