Chinese billionaire Jack Ma plans to give up control of financial technology company Ant Group Co, the conglomerate he founded, as Ant Group’s efforts to distance itself from Alibaba Group Holding following intensifying scrutiny from Chinese regulators.
It is reported Jack Ma could hand over his control by transferring some of his voting power to other Ant officials, including Chief Executive Eric Jing, after which they would collectively control the company.
Ant said the move was “part of its continuous efforts to enhance corporate governance”. Jack Ma doesn’t hold an executive role at Ant or a seat on its board but controls 50.52% of its shares through a private entity, where he is a majority shareholder.
The Chinese authorities halted Ant’s $34 billion-plus IPO in 2020 at the last moment and are forcing the technology firm to reorganize as a financial holding company regulated by China’s central bank. The People’s Bank of China has yet to officially accept Ant’s application to become a financial holding company.
