China Billionaire Jack Ma to Give Up Control of Ant Group, From 53.46% Indirect Control of Ant Group to 6.2% Voting Rights
7th January 2023 | Hong Kong
China billionaire & Alibaba founder Jack Ma (net worth $25 billion) will give up control of Ant Group which owns the world largest payment platform Alipay, giving up control from 53.46% indirect control of Ant Group (shareholding) to only 6.2% voting rights. The new structure was announced by Ant Group, more than 2 years after being suspended from IPO (Initial Public Offering) that would have raised a record $34.5 billion in October 2022. Alibaba owns 33% of Ant Group. With the restructuring of Ant Group, China Banking & Insurance Regulatory Commission approved Ant Group consumer finance business application to increase registered capital by $1.5 billion ($1.2 billion to $2.7 billion). More about Ant Group below.
“ China Billionaire Jack Ma to Give Up Control of Ant Group, From 53.46% Indirect Control of Ant Group to 6.2% Voting Rights “
China Fintech Ant Group Appoints Hong Kong Exchange Chairman Laura Cha as Independent Director
3rd June 2022 – China fintech Ant Group has appointed Hong Kong Exchange (HKEX) Chairman Laura Cha as Independent Director of Ant Group. Laura Cha is also a member of the Executive Council of the Hong Kong government. In November 2020, Ant Group planned IPO that will raise $34.5 billion and create a Chinese financial technology giant with more than $300 billion market capitalization, was suspended by both Shanghai and Hong Kong Exchange. In April 2021, China regulators announced Ant Group is to be restructured into a financial holding company, that will require the financial technology company be supervised under banking regulations. Ant Group is also required to implement new changes, including opening up its payment apps to competitors, oversight of consumer lending businesses, increased data protection and to reduce the size of its money market fund.
Ant Group IPO in 2020 Suspended
In November 2020, Ant Group planned IPO that will raise $34.5 billion and create a Chinese financial technology giant with more than $300 billion market capitalization, was suspended by both Shanghai and Hong Kong Exchange. In April 2021, China regulators announced Ant Group is to be restructured into a financial holding company, that will require the financial technology company be supervised under banking regulations. Ant Group is also required to implement new changes, including opening up its payment apps to competitors, oversight of consumer lending businesses, increased data protection and to reduce the size of its money market fund.
Alibaba was founded in 1999 by Jack Ma and 17 friends and students in China. Today, it is one of the world’s largest e-commerce and technology company in the world.
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