Jack Ma Cedes Control of Ant Group Amid Major Restructuring

Ant Group announced in a statement that it's now undergoing a major restructuring after Jack Ma agreed to give up most of his voting rights in the company.

Credit: AFP

Ma reportedly only owns a 10% stake in Ant, but has managed to exercise control through his investment vehicle Hangzhou Yunbo, which split control between two entities that own a combined 50.5% stake. However, once the change in governance takes effect, his stake will be reduced o a little over 6%.

Ant announced it will add a fifth independent director to its board. It currently has eight board directors. “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,” the company said.

Ant also said its shareholders' economic interests will not change once the restructuring is complete.