SHANGHAI – Ant Group 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.
Hangzhou Yunbo, an investment vehicle for Ma, had control over two other entities that own a combined 50.5 per cent stake of Ant, the prospectus showed. Ant also said it would add a fifth independent director to its board so that independent directors will comprise a majority of the company's board. It currently has eight board directors.
Ant's market listing in Hong Kong and Shanghai was derailed days after Ma publicly criticised regulators in a speech in October 2020. Since then, his sprawling empire has been under regulatory scrutiny and going through a restructuring.
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