Staff Reporters
Jan 9, 2023

Jack Ma gives up control of fintech giant Ant Group

As Alipay becomes one of the top e-payment channels in the Chinese mainland and seeks overseas expansion, Ma is stepping further away from the business empire he created decades ago.


Jack Ma will cede control of fintech giant Ant Group after Beijing's crackdown on the nation’s tech sector that targeted the billionaire. In the official statement released over the weekend, Ant Group confirmed the adjustment in its ownership structure so that “no shareholder, alone or jointly with other parties, will have control over Ant Group”.

In November 2020, Ant’s US$37 billion IPO, which would have been the world’s largest, was cancelled at the last minute. It led to a forced restructuring of the financial technology firm and speculation that the Chinese billionaire would have to eventually cede control.

“The adjustment is being implemented to further enhance the stability of our corporate structure and sustainability of our long-term development,” the Ant statement said.

Ma indirectly controlled 53.46% of Ant Group’s shares, making him the company’s “control person”. But after the latest restructuring, he will hold just 6.2% of the voting rights according to local media reports. 

Meanwhile, shares of Alibaba Group Holdings traded 8% higher on Monday morning giving rise to speculation about the company's potential IPO revival plans. However, Ant's spokesperson said the group “does not have a plan for an IPO” in response to the media enquiry made by Reuters. 

In other positive news for the company, Ant Group’s Alipay, the world’s largest online payment platform, which boasts millions of monthly users in China, has been building a new cash-free travel experience for the Asian consumer. As mainland re-opens after a self-imposed isolation of almost three years, the e-payment system will directly benefit from businesses across Japan, South Korea, Singapore, Malaysia and other Southeast Asian markets which are welcoming Chinese tourists. 

Campaign China

Related Articles

Just Published

23 hours ago

Edelman global revenue falls 3.7% to $1.04 billion ...

The independent agency’s performance was impacted by a 9.1% decrease in the US, while Asia-Pacific rose by 1.7%, with Korea, India and Singapore all posting gains.

1 day ago

Google incorporates Gemini into Performance Max

The roll-out of Performance Max's enhanced generative AI capabilities will begin in the US in March in English, expanding globally thereafter.

1 day ago

Women to Watch Greater China 2024: Amanda Ma, ...

Ma’s deep understanding of the Chinese market and its nuances, and the ability to unify and inspire diverse functional teams are instrumental in her holistic strategy to develop talent effectively.

1 day ago

Looking back, looking forward: Tze Kiat Tan, BBDO Asia

In a fresh series, APAC adland CEOs share their hopes and fears for the year ahead and reflect on 2023. In this edition, we chat with Tze Kiat Tan, CEO of BBDO Asia.