A view of the signage of Ant Group in the headquarters compound of the fintech giant in Hangzhou in eastern China's Zhejiang province Monday, Oct. 26, 2020. Ant Group's founder Jack Ma will no longer control the Chinese fintech giant after the firm's shareholders agreed to implement a series of adjustments that will see him give up most of his voting rights, the group said on Saturday.
While Ma only owns a 10% stake in Ant, an affiliate of e-commerce giant Alibaba Group Holding Ltd 9988.HK, he exercised control over the company through related entities, according to Ant's IPO prospectus filed with the exchanges in 2020. Ant said that Ma and nine of its other major shareholders had agreed to no longer act in concert when exercising their voting rights, and would only vote independently.