2023-12-31 10:28:54
Under pressure from the Chinese authorities, Chinese financial technology giant Ant Group has carried out comprehensive business rectifications in recent years. The People’s Bank of China announced on the 29th that it has agreed to change the Chinese payment giant Alipay to have no actual controller, which means that the original controller Jack Ma officially withdraws from Alipay decision.
(Preliminary news: China’s digital RMB “red envelope function is online”! It can be sent through WeChat QQ Alipay and Taobao shopping)
(Background supplement: Alipay issued NFT: emphasizing that it cannot be traded and is not a token! 16,000 “Dunhuang skins” from Ant Chain were snapped up)
According to the official website of the People’s Bank of China, the People’s Bank of China recentlyAnnounceThe “Announcement on License Changes in Major Matters of Non-Bank Payment Institutions (as of December 2023)” shows that the People’s Bank of China has agreed to change Alipay (China) Network Technology Co., Ltd. to have no actual controller, which means that the original controller , Jack Ma, the founder of Alibaba Group, officially decided to withdraw from Alipay.
Previously, Hang Seng Electronics and Cathay Property & Casualty Insurance also issued announcements on December 29 respectively stating that due to the completion of the change in the voting rights structure of Ant Group’s major shareholders, Ant Group has changed to no actual controller. As its affiliated company, Hang Seng Electronics and Cathay Property & Casualty Insurance were changed to have no actual controller.
According to China’s “Measures for the Administration of Acquisitions of Listed Companies”, the absence of actual controllers means that the ownership structure of listed companies is dispersed, with no controlling shareholder holding more than 50% of the shares; there is no situation that actually controls more than 30% of the voting rights of the company’s shares; a single director, senior management Personnel cannot control the company’s major financial and operational decisions.
Jack Ma loses control of Alipay and Ant Group
Alipay is wholly owned by Ant Technology Group Co., Ltd. In January this year, Ant Group announced on its official websiteannouncementIt said that in order to further adapt to the requirements of the modern corporate governance system and promote the matching of shareholder voting rights with their economic interests, Ant Group’s major shareholders and related beneficiaries plan to implement equity changes.
The core of the equity change is the change in the voting rights of Ant Group’s major shareholders. From Jack Ma and his concerted parties jointly exercising share voting rights, to 10 natural persons, including Ant Group’s management, employee representatives and founder Jack Ma, independently exercising shares. Voting rights, which resulted in a significant reduction in the voting rights held by Jack Ma from 53.46% to 6.208%.
Further reading:The largest IPO in history | Ant Group’s 35 billion magnesium listing is stuck! Is it rumored that Ma Yun’s remarks made him a victim of the infighting between King Xi and King Xi?
Before the adjustment, Jack Ma was the actual controller of Ant Group. After the adjustment, the major shareholders of Ant Group, including Hangzhou Junhan and Hangzhou Junao, independently exercised the voting rights of the Ant Group shares they held, and there was no concerted action relationship. , each shareholder does not individually or jointly form control at the level of the Ant Group’s shareholders’ meeting, and there is no situation where the number of directors nominated by any shareholder exceeds half of all directors.
Therefore, there is no longer any situation where any direct or indirect shareholder controls Ant Group individually or jointly.
Previously, China had just promulgated the “Regulations on the Supervision and Administration of Non-bank Payment Institutions》. Effective from May 1, 2024, the regulations require that non-bank payment institutions should abide by laws and administrative regulations when conducting business, and follow the principles of safety, efficiency, integrity and fair competition to provide small-amount, convenient payment services. For the purpose of safeguarding national financial security, it shall not harm national interests, social public interests and the legitimate rights and interests of others.
Sun Yuchen satirized that decentralization has been achieved
When Alipay changed its status to having no actual controller, Tron founder Justin Sun said with emotion on the 30th:
Alipay now has no actual controller, so it is considered decentralized to a certain extent…
Alipay now has no actual controller, so it is considered decentralized to a certain extent…????
— HE Justin Sun Sun Yuchen (@justinsuntron) December 30, 2023
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