Chinese billionaire, Jack Ma, has lost the controlling stake in China’s payment company, Ant Group, following the restructuring of the firm’s ownership structure.
In a statement issued on Saturday, Ant Group said Jack Ma’s 34 per cent stake has been reviewed downwards to 20 percent, putting him at the same level with other shareholders.
The company’s other shareholders are – Mr. Cyril Xinyi Han, Ms. Yu Zhang, Mr. Chenli Huang and Ms. Yun Zhou.
Before the adjustment, Ma had the final decision on shareholders’ voting pattern.
But he was stripped of the control over the process at a general meeting of Yunbo Investment, which has a 53.46 percent stake in Ant.
Yunbo is Ma’s investment vehicle and holds the majority stake prior to the changes with the billionaire, Eric Xiandong Jing, Simon Hu and Fang Jiang holding 34 percent and 22 percent stake each in Yunbo Investment.
Yunbo Investment held the shares through Hangzhou Junhan and Hangzhou Junao.
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However, the rights to Yunbo shares held by Ma and other shareholders have now been terminated with all shareholders having 20 percent each.
The statement read: “No shareholder will, alone or jointly with another shareholder, have the power to control the outcome of Ant Group’s general meetings.
“No shareholder will have the power to nominate the majority of Ant Group’s board of directors. Therefore, no shareholder, alone or jointly with other parties, will have control over Ant Group.
“As a result of the Adjustment, the shareholding structure of Ant Group will be more transparent and diversified, which will facilitate the steady development of the Company.
“The Adjustment will not affect the day-to-day operations of Ant Group. We will continue to serve the real economy by leveraging digital technology, implementing our sustainable development strategy, optimizing our corporate governance, investing in cutting-edge technologies, and creating greater value for society.”
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Last modified: January 7, 2023
