SHANGHAI, Jan 7 — Ant Group said today its founder Jack Ma will no longer control the Chinese fintech giant, as the firm seeks to draw a line under a regulatory crackdown that was triggered soon after its mammoth stock market debut was scuppered two years ago.
China’s domestic A-share market requires companies to wait three years after a change in control to list. The wait is two years on Shanghai’s Nasdaq-style STAR market, and one year in Hong Kong. Ant said that Ma and nine of its other major shareholders had agreed to no longer act in concert when exercising their voting rights, and would only vote independently. It added that the shareholders’ economic interests in Ant will not change as a result of the adjustments.
“As a result, there will no longer be a situation where a direct or indirect shareholder will have sole or joint control over Ant Group,” it said in its statement. Ant operates China’s ubiquitous mobile payment app Alipay, the world’s largest, which has more than 1 billion users.
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