Chinese tech billionaire Jack Ma loses his controlling stake in the e-commerce giant Ant Group as Beijing tightens its regulations on tech companies
Ma has rarely been seen in public since Beijing torched Ant's planned initial public offering in Hong Kong in 2020 following his comments about government regulators.
Ma's company said in a statement on Saturday it was adjusting its ownership structure so that "no shareholder, alone or jointly with other parties, will have control over Ant Group". One of China's most recognisable entrepreneurs, Ma once exemplified a generation of Chinese technology moguls with his rags-to-riches personal tale and penchant for public showmanship.
Laying out the firm's previous complex structure, the announcement showed Ma indirectly controlled 53.46 percent of Ant's shares and deemed him the company's "control person".
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