China's tycoon Jack Ma has lost control of Ant Group, China's largest fintech company.
According to foreign media, the Ant Group announced the results of the stock adjustment with the main focus on Marwin's loss of control through a notice on its website today (7th).
Reuters reported that Jack Ma previously held more than 50% of the Ant Group's voting rights, but only 6.2% after a stake adjustment.
Previously, Jack Ma's stake in the Ant Group itself was only 10%, but he exercised control over the Ant Group through related corporations.
Ant Group said, "This share adjustment will make Ant Group's share voting rights more transparent and decentralized, which will further optimize corporate governance and promote sustainable and stable development."
Ant Group, China's largest fintech company, is an affiliate of Alibaba Group, which was founded by Jack Ma.
It is well known as the operator of Alipay, a Chinese electronic payment platform that is comparable to WeChat Pay.
The company, which was absolutely dominated by Jack Ma, was scheduled to be listed in Shanghai and Hong Kong simultaneously in November 2020 to secure $35 billion, but the plan was scrapped as Jack Jack's direct criticism of government regulations in October of that year became a problem. That's it.
Since then, the Alibaba Group, including the Ant Group, has become a key target of the Chinese authorities' high-intensity Big Tech regulation.
(Photo = Getty Image Korea)