Ant Group is an affiliated company of Alibaba
Jack Ma is the largest shareholder of Ant Group
Will hold only around 6% after the change
Chinese billionaire Jack Ma will no longer control Ant Group after agreeing to reshape its shareholding structure.
Before the restructuring, the founder of the financial technology giant owned more than 50% of the voting rights in Ant through Hangzhou Yunbo and two other entities.
However, after changes in the governance structure, he will control around 6%, according to Ant Group's statement.
The company also said that its 10 major shareholders, including Jack Ma, have agreed to no longer act collectively when exercising their voting rights and will only vote independently.
As a result, no shareholder will have sole or joint control over Ant Group.
The voting overhaul comes after Chinese regulators pulled back Ant's $37 billion IPO in November 2020, and ordered the company to restructure its business.
As part of the company's restructuring, Ant's consumer finance unit applied for an expansion of its registered capital to $2.7 billion and it was approved by the China Banking and Insurance Regulatory Commission last week.
Following the report, the shares of Alibaba listed in Hong Kong jumped more than 5%, while the shares of Longshine Technology Group Ltd, Jilin Zhengyuan, Shanghai Golden Bridge in which Ant has more than 5% interest also rose.
