Chinese media such as Pengpai and foreign media including Archyde.com reported that the Ant Group announced the results of a stock adjustment focusing on the loss of control of Ma through a notice on its website today (7th).
Archyde.com reported that Jack Ma held more than 50% of the Ant Group’s voting rights in the past, but only 6.2% after a stake adjustment.
Ant Group said, “This share adjustment will make Ant Group’s equity voting rights more transparent and decentralized, which will further optimize corporate governance and promote Ant Group’s sustainable and stable development.”
Ant Group, China’s largest and the world’s leading fintech company, is an affiliate of Alibaba Group, founded by Jack Ma, and the operator of Alipay, a Chinese electronic payment platform.
After Jack Ma criticized the government regulations in October 2020, the Alibaba Group, including the Ant Group, became a key target of the Chinese authorities’ ‘High-Intensity Big Tech Regulation’.