Jack Ma to Relinquish Control of China's Ant Group: Report

Via Syndicated Feed

Cover Image Attribute: File photo of Jack Ma attending the 20th Anniversary Schwab Foundation Gala Dinner on September 23, 2018, in New York, NY, USA. Source: Ben Hider, Wikimedia Commons

Jack Ma, the founder of Ant Group, will no longer have control over the Chinese fintech giant after the company's shareholders agreed to implement a series of adjustments that will see him give up most of his voting rights, the company announced on Saturday.  

Following a regulatory crackdown that derailed Ant's $37 billion initial public offering (IPO) in late 2020 and led to a forced restructuring of the financial technology behemoth, this move marks another significant development in the company's history.

"Jack Ma's departure from Ant, a company he founded, shows the determination of the Chinese leadership to reduce the influence of large private investors. This trend will continue erasing the most productive parts of the Chinese economy," Andre Collier, Managing Director, Orient Capital Research, Hong Kong.  He added, "Despite official comments, Ant posed little risk to the financial system and was effective in arranging loans for small businesses, one of the main drivers of economic growth."
 
Duncan Clark, Chairman Of Investment Advisory Firm BDA, Beijing, said, "Yes, it's obviously significant if he is no longer the controlling shareholder. This, in theory, should pave the way for an IPO assuming the other key issue - oversight/ownership of data - is also resolved."

"With the Chinese economy in a febrile state, the government is looking to signal its commitment to growth, and the tech/private sectors are key to that. At least Ant investors can (now) have some timetable for an exit after a long period of uncertainty."

"If these voting arrangement changes are deemed a change-of-control event under the A share and/or Hong Kong listing rules, Ant Group's IPO process could be further delayed," Weiheng Chen, Partner And Head of Greater China, Practice at law firm Wilson Sonsini, Hong Kong.

This story has not been edited by IndraStra Global Staff and is auto-generated from a syndicated feed.

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IndraStra Global: Jack Ma to Relinquish Control of China's Ant Group: Report
Jack Ma to Relinquish Control of China's Ant Group: Report
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