Jack Ma to relinquish control of Ant Group

Jack Ma only owns a 10% stake in Ant, an affiliate of e-commerce giant Alibaba Group Holding Ltd, but he exercised control over the company through related entities, according to Ant's IPO prospectus filed with the exchanges in 2020.

SHANGHAI, Jan 7 (Reuters): Ant Group's founder Jack Ma will no longer control the Chinese fintech giant after the firm's shareholders agreed to implement a series of adjustments that will see him give up most of his voting rights, the group has confirmed.

The move marks another big development after a regulatory crackdown that scuppered Ant's US$37 billion IPO in late 2020 and led to a forced restructuring of the financial technology behemoth.