Jack Ma to relinquish control of Ant Group

Jack Ma to relinquish control of Ant Group

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Ma owns only 10 per cent stake in Ant, affiliated with e-commerce giant Alibaba Group Holding Ltd (9988.HK), while he holds 10 per cent, according to Ant’s IPO prospectus filed with the exchanges in 2020. Controlled the company through related entities. ,

Hangzhou Yunbo, an investment vehicle for Ma, had control over two other entities that held a combined 50.5 percent stake in Ant, the prospectus showed.

Ant said Ma and its nine other major shareholders have agreed not to act any longer when exercising their voting rights, and will only vote independently.

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