Ant Group's 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 big development after a regulatory crackdown that scuppered Ant's $37 billion IPO in late 2020 and led to a forced restructuring of the financial technology behemoth."Jack Ma's departure from Ant, a company he founded, shows the determination of the Chinese leadership to reduce the influence of large private investors. This trend will continue the erosion of the most productive parts of the Chinese economy.
"Despite official comments, Ant posed little risk to the financial system and was effective in arranging loans for small businesses, one of the main drivers of economic growth.""Yes, it's obviously significant if he is no longer the controlling shareholder. This in theory should pave the way for an IPO assuming the other key issue - oversight/ownership of data - is also resolved.
"With the Chinese economy in a very febrile state, the government is looking to signal its commitment to growth, and the tech/private sectors are key to that as we know. At least Ant investors can have some timetable for an exit after a long period of uncertainty.""If these voting arrangement changes are deemed as a change-of-control event under the A share and/or Hong Kong listing rules, Ant Group's IPO process could be further delayed.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Ant Group says Jack Ma to relinquish control of companyChina's Ant Group said on Saturday that its founder Jack Ma will no longer control the Chinese fintech giant after the firm's shareholders agreed to implement a series of shareholding adjustments that will see him give up most of his voting rights.
Read more »
Update: MNH Entertainment’s New Boy Group 8TURN Dazzles In 1st “8TURNRISE” Group TeaserUpdate: MNH Entertainment’s New Boy Group 8TURN Dazzles In 1st “8TURNRISE” Group Teaser
Read more »
Rookie boy group 8TURN drops first group image for debut mini album '8TURNRISE' | allkpopMNH Entertainment's first official rookie boy group 8TURN has unveiled a sleek teaser image for their debut mini album, '8TURNRISE'.In th…
Read more »
Alien Ant Farm Singer Charged After Touching His Own Crotch With Fan's HandThe lead singer of Alien Ant Farm, who scored a hit with their cover of Michael Jackson's 'Smooth Criminal,' was charged with battery after touching his own crotch with a fan's hand at a recent show.
Read more »
Ant-Man And The Wasp Quantumania Image Shows Heroes In HidingWith AntManAndTheWaspQuantumania just one month from its release, a new image shows Hank Pym, Janet van Dyne, and Hope van Dyne hiding in the quantum realm.
Read more »
Ant-Man and the Wasp: Quantumania: New HQ Image Of Hank, Janet, & HopeWe are getting a new trailer for Ant-Man and the Wasp: Quantumania on the 9th; until then, we have a new image featuring Hank, Janet, and Hope. AntManAndTheWasp:Quantumania Marvel AntManAndTheWaspQuantumania AntManAndTheWasp
Read more »