Jack Ma to relinquish control of Ant group | CNN Business

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Chinese billionaire Jack Ma will no longer control Ant Group after the fintech giant’s shareholders agreed to reshape its shareholding structure, according to a statement released by the company on Saturday

. After the adjustment, Ma’s voting rights will fall to 6.2%, according to the statement and CNN calculations. Before the restructure, Ma held 50.52% of voting rights at Ant via Hangzhou Yunbo and two other entities, according to its IPO prospectus filed with stock exchanges in 2020.

” The voting rights overhaul came after Chinese regulators pulled the plug on Ant’s $37 billion IPO in November 2020, and ordered the company to restructure its business. As part of the company’s restructuring, Ant applied for an expansion of its registered capital from $1.2 billion to $2.7 billion. The China Banking and Insurance Regulatory Commission recently approved the application, according to a government notice issued late last week.

 

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HiJack !

Has anyone seen Jack Ma..?

You mean CCP stole it from him. Stop with the many fancy english words. Wtf is reshape shareholding structure? You either increase or decrease your holding through buying or selling shares. Man is getting robbed in broad daylight n you are just parroting the pr by the criminals

Do you mean after CCP ordered the reshaping?

Mafia business

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Ant Group says Jack Ma to relinquish control of companyChina's Ant Group said on Saturday that its founder Jack Ma will no longer control the Chinese fintech giant after the firm's shareholders agreed to implement a series of shareholding adjustments that will see him give up most of his voting rights. Flew too close to the sun? dugalira Good, all these pretentious tapori promoters should learn to plan a graceful exit
Source: Reuters - 🏆 2. / 97 Read more »