February 1, 2023

Taylor Daily Press

Complete News World

Chinese billionaire Jack Ma gives up control of Alibaba’s payment business | Economie

Chinese billionaire Jack Ma has relinquished control of payment e-commerce giant Ant Group. Voting rights are divided between the founder, management and employees.

He adds that the new policy has no consequences for the “economic interests” of shareholders. According to Reuters, Ma owns 10% of Ant. The Alibaba founder will also retain voting rights, but according to calculations, these rights will drop from more than 50 percent to about 6.2 percent.

In addition, Ant is also adding an additional independent member to its board of directors. So they are now five years old and make up the majority.

out of the spotlight

Ma disappeared from the spotlight more than two years ago after criticizing China’s financial regulators. They torpedoed a $37 billion (€34.7 billion) IPO by Ant in 2020 because they feared the company posed a risk to the stability of the Chinese financial system. Since then, the group has been reorganizing.

Meanwhile, Ant will be preparing a new IPO. Redistributing voting rights means postponing the restart. An initial public offering after a change of control is possible only after three years on the so-called Chinese A-share exchanges, after two years on the STAR Stock Exchange in Shanghai and after one year on the Hong Kong Stock Exchange.