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Ant Group says Jack Ma is giving up control of By Reuters company

Ant Group says Jack Ma is giving up control of By Reuters company

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©Reuters. FILE PHOTO: Jack Ma, founder and CEO of China’s Alibaba Group, speaks in front of an image of SoftBank’s human-like robot named ‘Pepper’ during a news conference in Chiba, Japan June 18, 2015. REUTERS/Yuya Shino/ File Photo/File Photo

SHANGHAI (Reuters) – China’s Ant Group said on Saturday that its founder Jack Ma would no longer control the Chinese fintech giant after the company’s shareholders agreed to make a series of share adjustments that would result in it selling the relinquishes most of its voting rights.

Ma previously owned more than 50% of the voting rights in Ant, but the changes will cause his stake to drop to 6.2%, according to Reuters calculations.

While Ma owns just a 10% stake in Ant, a subsidiary of e-commerce giant Alibaba (NYSE:) Group Holding Ltd, he exercised control of the company through related companies, according to Ant’s IPO prospectus , which was filed with exchanges in 2020.

Hangzhou Yunbo, an investment vehicle for Ma, controlled two other companies that collectively own 50.5% of Ant, the prospectus showed.

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