Ant Group completes procedures to end Jack Ma's control

Ant Group has completed the process of removing controlling stakeholders, marking the fulfilment of its founder Jack Ma's commitment to relinquish his dominant position in the Chinese finance giant in January last year.

The People’s Bank of China (PBOC) approved an application to remove any controlling shareholders at Ant Group’s payment platform Alipay, according to HKEJ and SCMP. The bank designates Alipay as a company without an actual controller.

Furthermore, six Hong Kong-listed companies under Ant Group have filed for changes in their equity interests, after Alipay became a company with no de facto control. The six companies include AGTech Holdings (亞博科技), UBOX Online (友寶在線), Logory Logistics (維天運通), Vobile Group (阜博集團) , Asiaray Media Group and ZhongAn Online (眾安在線). 

MARKETING-INTERACTIVE has reached out to Ant Group for a statement. 

Don’t miss: Jack Ma ceases control amid Ant Group's restructuring

In January 2023, Ant Group said Ma would cease control of the company upon the readjustment of its upper-tier shareholding structure. According to an official announcement of Ant Group on 7 January 2023, the tech company would change the exercise of voting rights of its major shareholders upon share restructuring.

It would change from Jack Ma exercising voting rights jointly with persons acting in concert, to each of the 10 individuals (including the founder, representative of our management and employees) exercising their voting rights independently. The restructuring saw the voting rights of Ma dropped from 53.46% to 6.21%. 

According to HKEJ, Hundsun Technologies (恒生電子) and Cathay Century Insurance (國泰產險), respectively issued announcements stating that since Ant Group has completed the process of removing controlling stakeholders, they will have no actual controller.

Don't miss: Ant Group sets up in SG, partners IMDA to push sustainable digital consumption

On the other hand, back in September 2023, Ant Group expanded its presence in Singapore with a new office, the launch of its Ant International Foundation (AIF), investment in technology and collaboration with Singapore's Infocomm Media Development Authority (IMDA). The new Singapore office will oversee the company’s various international business and technology segments, including Ant International. 

The newly launched AIF aims to power the future of global commerce through digital innovation and promote greater inclusion with a focus on long-term and sustainable value creation in the digital economy, according to the company in a statement.

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