Jack Ma, the billionaire founder of Ant Group, will relinquish control of the Chinese FinTech behemoth following a regulatory crackdown. No one would have overall control following the change, according to Ant Group.
Since criticizing China’s financial sector in 2020, the formerly flamboyant Mr. Ma has been hardly ever seen in public. The planned stock market flotation of Ant Group was abruptly discontinued in response to that criticism. The primary online payment system in China, Alipay, is operated by Ant Group and has supplanted cash, checks, and credit cards.
More than 50% of Ant Group is under the direct and indirect control of Mr. Ma, who founded the massive e-commerce company Alibaba. However, according to a statement from Ant Group, his control will only be slightly more than 6% following the changes in the governance structure.