"Ant Group Finalizes Removal of Jack Ma as Controlling Shareholder with Central Bank Approval"
The People's Bank of China has approved a change in Ant Group's corporate structure, indicating that Alipay no longer has a controlling shareholder, effectively ending Jack Ma's control over the company. This move is part of a broader restructuring effort by Ant Group to address regulatory concerns and could pave the way for its future initial public offering (IPO). The new shareholding structure is more transparent and diversified, with Jack Ma's voting rights now distributed among two entities. Ant Group has been making changes to its governance and distancing itself from Alibaba to comply with stricter regulations and to potentially resume its listing plans.
