Jack Ma to Handover Ant Group’s Control as Part of Company’s Restructure
Chinese billionaire Jack Ma will cede control of fintech giant Ant Group as part of a restructure, the company announced Saturday. "No shareholder, alone or jointly with other parties, will have control over Ant Group (after the completion of the adjustment), the company said in a statement. "The adjustment is being implemented to further enhance the stability of our corporate structure and sustainability of our long-term development." The statement laid out the previous complex structure of the company that showed Ma "indirectly" controlled 53.46 percent of Ant Group's shares. "As a result, Mr. Jack Ma (was) deemed to be the control person of Ant Group prior to the adjustment," it said. Beijing has targeted major technology firms in recent years, and in 2020 pulled Ant's planned initial public offering in Hong Kong at the last minute. The listing would have been a world record at the time. Authorities also hit Alibaba , which Ma co-fou