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Jack Ma cedes leadership of the fintech company Ant Group

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As a result of recent modifications to the organization’s corporate structure, Chinese billionaire and founder of Alibaba Jack Ma will no longer be in charge of the fintech behemoth Ant Group.

As part of the organization’s ongoing restructuring and corporate governance optimization, Ant Group formally declared that Ma had consented to relinquish leadership of Ant Group.

Prior to the move, Ma held control of Ant through affiliated companies in addition to his 10% ownership of the company.

No one stakeholder would have control over Ant after the restructuring is finished, the business said in a statement. According to the company, significant shareholders like Hangzhou Junhan and Hangzhou Junao would independently exercise their voting rights in Ant.

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The Ant Group’s shareholders and their beneficiaries won’t see any change as a result of the adjustment, according to Ant.

According to some analysts, the corporation may benefit in the long run from Ant’s restructuring and Ma’s decision to give up ownership of the business.

Senior financial analyst Wang Pengbo at BoTong Analysys thinks the new corporate structure with more varied voting rights is more solid. Although a listing in the near future is quite doubtful, he said that it “paves the way for it to go public in the future.”

Alibaba, a firm connected to Ant, has seen a substantial increase in shares as a result of the announcement that Ma is giving up ownership of Ant. Since Ant made the news, Alibaba stock on the New York Stock Exchange has increased by about 10%, per TradingView data.

Ant attempted to carry out the biggest initial public offering (IPO) in 2020, hoping to generate roughly $30 billion, as was previously reported. Ant’s IPO was ultimately put on hold by the Chinese government because local authorities desired to establish their control over private companies.

Ant has kept up its active exploration of the advantages of blockchain technology and digital assets after the IPO delay. After beginning to work with the People’s Bank of China in 2017, the owner of the largest digital payment platform in the world, Alipay, Ant, continued to be involved in the creation of China’s national digital currency.

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