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Jack Ma at the “Appreciating What Matters” Plenary Session on Day 3 of the Clinton Global Initiative 10th Annual Meeting, Sheraton New York Hotel & Towers, New York City, September 23, 2014 Will join.
Michael Loccisano/Getty Images
Jack Ma plans to transfer control of fintech giant Ant Group, according to one person. wall street journal The company is trying to ameliorate concerns from regulators that derailed plans for a massive $37 billion initial public offering almost two years ago.
Ma, a 57-year-old former English teacher and co-founder of e-commerce giant Alibaba, has long planned to relinquish control of Ant, according to a person familiar with the matter. The move makes sense from a corporate governance perspective, the person said. That’s because the heavyweights no longer serve in Ant’s executive role, nor are they on the board of directors, but an entity that controls more than 50% of the company through related investment holdings.
However, it is not entirely clear how he intends to relinquish control.of wall street journal The billionaire may transfer some of its voting rights to executives, including Ant’s chief executive Eric Zinn, according to reports, only to do so after the fintech giant completes a restructuring plan. may be possible.
Ant has been sought by the country’s central bank, the People’s Bank of China, to become a financial holding company and was once aggressively expanding as authorities are keen to contain risks and reduce leverage in the economy. Microlending services should be suppressed. Companies that have recently undergone a change of ownership are required to have a time-out period under Chinese rules, so the company may have to wait longer before being able to seek a listing.
When Ma’s move is complete, it will also see more of the once domineering billionaire exit the business empire he started more than two decades ago. The tycoon resigned as chief executive officer of Alibaba in 2013 and stepped down as chairman in 2019. He has largely disappeared from public view after his 2020 speech critical of financial regulators and state-owned banks that angered Beijing.
Alibaba, too, is trying to stay away from Ant. Alibaba, which was founded in 2010 and allows management to appoint a majority of the company’s board of directors, has several Ant executives from his partnership, according to the e-commerce giant’s annual report released earlier this week. has resigned. Meanwhile, Alibaba continues to own about a third of Ant, and the company’s Alipay e-wallet is the leading payment option on the e-commerce platform.
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