China‘ Ant Group stated on Saturday that its founder Jack Ma not controls the Chinese fintech big after a collection of shareholding changes that noticed him surrender most of his voting rights.
Ma beforehand possessed greater than 50% of voting rights at Ant however the modifications implies that his share falls to six.2%, in keeping with Reuters calculations.
While Ma solely owns a ten% stake in Ant, an affiliate of e-commerce big Alibaba Group Holding Ltd, he exercised management over the corporate via associated entities, in keeping with Ant’s IPO prospectus filed with the exchanges in 2020.
Hangzhou Yunbo, an funding car for Ma, had management over two different entities that personal a mixed 50.5% stake of Ant, the prospectus confirmed.
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