The Chinese Billionaire Businessman, Jack Ma has given up the control of the Ant Group . It is a Chinese fintech company . After the crackdown of communist party , it has targeted the billionaire. Jack Ma is one of the most successful businessman in China. He is also one of the most recognizable personality . Ant’s $37 billion was cancelled at the last minute in November 2020. It would have been the world’s largest IPO if the cancellation had not taken place .which led to a forced restructuring of the financial technology firm.
His company stated in a statement ” No shareholder , alone or jointly with other parties , will have control over the Ant group. Keeping out the firms previous structure of the company, Ma indirectly controlled 53.46% of Ants share and. he was the control person of the company. After the adjustment , from the information in the statement , Jack Ma will hold just 6.2% of the voting rights in the company.
The Ant said ” The adjustment is being implemented to further enhance the stability of our corporate structure and sustainability of our long term development ” . Ten individuals – including the founder, management and staff- would ” exercise their voting rights independently”. This adjustment would not change the economic interests of any shareholders. An office of the China Banking and Insurance Regulatory Commission in the South Western city of Chongqing will let the firm raised its registered capital from 8 Billion Yuan to 18.5 Billion Yuan. This data is according to a notice issued on 30 December.
News of the approval sent shares in Alibaba soaring almost 9% in Hong Kong trading. Whereas other tech firms were also boosted on the hopes the sector crackdown could be easing .