BEIJING: Chinese billionaire Jack Ma will cede control of fintech giant Ant Group as part of a restructure, the company announced Saturday.
“No shareholder, alone or jointly with other parties, will have control over Ant Group (after the completion of the adjustment), the company said in a statement.
“The adjustment is being implemented to further enhance the stability of our corporate structure and sustainability of our long-term development.”
The statement laid out the previous complex structure of the company that showed Ma “indirectly” controlled 53.46 percent of Ant Group’s shares.
“As a result, Mr. Jack Ma (was) deemed to be the control person of Ant Group prior to the adjustment,“ it said.
Beijing has targeted major technology firms in recent years, and in 2020 pulled Ant's planned initial public offering in Hong Kong at the last minute. The listing would have been a world record at the time.
Authorities also hit Alibaba, which Ma co-founded and formerly headed, with a record $2.75 billion fine for alleged unfair practices.
Regulators this week announced that Ant had won approval to raise 10.5 billion yuan ($1.5 billion) for its consumer finance arm in a further sign that authorities may be loosening their grip on the firm. - AFP
Source: The Sun Daily
A word from our sponsor:
Need Help With Your Personal Finance / Money Issue or need a coach to help you structure or just want to learn the financial skill to self manage your financial matters and retirement. iLearnFromCloud.com
Need to solve a problem quickly, now you can solve it by learning the art of problem solving Art Of Problem Solving
Feeling hungry. Latest food news from Best Restaurant To Eat Malaysian Food and Travel Blog
Memory loss. Need to organize better. Solve problem fast with Free Mind Mapping Software Mind Mapping 101
Need A Customized System Development for your business or Going Paperless XPERT TECHNOLOGIES - Empowering The Paperless Economy
No comments:
Post a Comment