Jack Ma’s stake in fintech giant Ant Group will drop from over 50% to 6.2%. The company said in a statement that the ongoing changes are designed to optimize corporate governance.
Chinese billionaire Ant Group founder Jack Ma will lose control of the fintech giant. As follows from the company’s press release, published on Saturday, January 7, it will change the composition of shareholders and the distribution of voting rights.
As a result of these changes, Ma’s stake in Ant Group will drop to 6.2 percent, according to Reuters. The businessman, who is also the founder of online trading platform Alibaba, previously owned more than 50 percent of the company personally and through related entities. It is reported that the directors of Ant Group will also include a fifth independent director, after which the independent directors will receive a majority in this body.
Ant Group said in a statement that the ongoing changes are designed to optimize corporate governance and “align the interests of voting shareholders with their economic interests.”
The moves are a sign that Ma is no longer in favor of China’s increasingly regulated technology sector, dpa said.
Source: DW
It can be recalled that at this time two years ago, Jack Ma was reported missing. He has not appeared in public for more than two months. He only showed up for a month.
news Correspondent.net on Telegram. Subscribe to our channel Athletistic
Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.