Ant Group founder Jack Ma will no longer control the Chinese fintech giant
Hong Kong:
Ant Group founder Jack Ma will no longer control the Chinese fintech giant after the firm’s shareholders agreed to implement a series of adjustments that will see him give up most of his voting rights, the group said on Saturday.
The move marks another major development after regulatory action that scrapped Ant’s $37 billion IPO in late 2020 and led to a forced restructuring of the financial technology behemoth.
Andre Collier, Managing Director, “Jack Ma’s departure from Ant, the company he founded, reflects the Chinese leadership’s determination to reduce the influence of large private investors. This trend is affecting the most productive parts of the Chinese economy.” Will continue to erode.” , Orient Capital Research, Hong Kong.
“Despite official comments, Ant carried little risk to the financial system and was effective in arranging credit for small businesses, which is one of the main drivers of economic growth,” he said.
Duncan Clarke, chairman of investment advisory firm BDA, Beijing, said: “Yes, it is clearly important if he is no longer the controlling shareholder. It should theoretically pave the way for an IPO that would address the other key issues – oversight/ The ownership of the data – who it considers – has also been resolved.”
“With the Chinese economy in a very weak state, the government is looking to signal its commitment to development, and the tech/private sector is key to this as we know it. At least ant investors are (now) getting out.” For some the timetable can be followed by a long period of uncertainty.”
Weiheng Chen, Partner and Head of Greater China, Practice et, “If these voting arrangement changes are treated as an event of A share and/or a change of control under Hong Kong listing regulations, further delay in Ant Group’s IPO process Might be possible.” Law Firm Wilson Sonsini, Hong Kong.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
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