Jack Ma takes control of the Ant Group

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    It became known that the billionaire Jack Ma (Jack Ma) refused control rights in Ant Group. The company’s founder, employees and executives are now set to hold independent voting rights. At the same time, the shares of Ant Group shareholders will remain unchanged.

    Image Source: Qilai Shen / Bloomberg.

    Jack Ma got lost from public view shortly after he came out in 2020 with a scathing criticism of China’s financial regulators. Shortly thereafter, China authorities blocked the initial offering (IPO) by Ant Group on Shanghai and Hong Kong exchanges, and then fined a record $2.8 billion for antitrust violations.

    When one doesn’t control the control, the new owner would probably wait for an IPO longer, as the Chinese companies cannot take the list as a free-trade form of a share since it’s a three-year period. The Shanghai Exchange consists of two years, and the Hong Kong exchange has one.

    Despite the changes in the direction, Ma will remain entitled to vote. China’s official said last year Ma intends to limit his stake in Ant Group to at least 8.8%. Ant Group is composed of senior directors.

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