Chinese billionaire Jack Ma agrees to hand over control of the FinTech Giant Ant Group - Fintech

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The Chinese billionaire Jack Ma recently agreed to give up control over the Ant Group as part of changes to the company structure of the fintech, which are said to have no effect on "the economic interests of all shareholders of the Ant Group and their beneficiaries". As soon as the process has been completed, no single shareholder will have control over the Ant Group, the fintech said in an explanation.

economic interests of shareholders unaffected

The majority shareholder of the billionaire and Chinese Fintech giant Ant Group, Jack Ma, recently approved an agreement that watered down his participation and voting rights. As a result of these changes, MA, which controlled more than 50 % of the Ant Group directly and indirectly, will find that this influence is reduced to only 6 %.

according to a target = "_ blank" href = "https://www.antgroup.com/en/notices/1" rel = "noopener"> statement The adaptation of the respective shareholder rights of the Ant group on January 7 will mean that "the founder of our management and employee Exercise independently ”. However, it is not expected that the adaptation will change or adapt the respective economic interests of the shareholders.

"The adaptation is carried out to further improve the stability of our corporate structure and the sustainability of our long -term development.

Chinese authorities still expect a fine for Ant Group

The FinTech giant added that after the completion of the adjustment process, no shareholder, including MA, "enter into any form of concert party agreements with another party" or "alone or together with another party will strive for control over the Ant Group". However, the changes do not affect the daily business of the Ant Group, it says in the explanation.

Although Ma, who has been targeted by Chinese supervisory authorities in the past, reported that it has been given control of the fintech company, one test report that the authorities in China of the Ant Group will continue to be a fine of $ 1 billion. In addition, the FinTech said that the changes to its company structure do not mean that it revives its much-noticed IPO of $ 37 billion.

In the meantime, according to this announcement of the share price of the companies associated with the Ant Group and that of the e-commerce giant Alibaba, all reported by 5 %.

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Terence Zimwara

Terence Zimwara is an award -winning journalist, author and writer from Zimbabwe. He wrote in detail about the economic problems of some African countries and how digital currencies Africans can offer an escape route.

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