SHANGHAI: China'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.
While Ma only owns a 10 per cent stake in Ant, an affiliate of e-commerce giant Alibaba Group Holding, 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.
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