{"id":16375,"date":"2023-01-12T12:02:57","date_gmt":"2023-01-12T12:02:57","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/chinese-billionaire-jack-ma-agrees-to-cede-control-of-fintech-giant-ant-group-fintech-bitcoin-news\/"},"modified":"2023-01-12T12:02:57","modified_gmt":"2023-01-12T12:02:57","slug":"chinese-billionaire-jack-ma-agrees-to-cede-control-of-fintech-giant-ant-group-fintech-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/chinese-billionaire-jack-ma-agrees-to-cede-control-of-fintech-giant-ant-group-fintech-bitcoin-news\/","title":{"rendered":"Chinese Billionaire Jack Ma Agrees to Cede Control of Fintech Giant Ant Group \u2013 Fintech Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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Chinese billionaire Jack Ma recently agreed to give up control of Ant Group as part of changes to the fintech\u2019s corporate structure, which will supposedly not have an impact on \u201cthe economic interests of any shareholders of Ant Group and their beneficiaries.\u201d Once the process is complete, no single shareholder will have control over Ant Group, the fintech said in a statement.<\/strong><\/p>\n

Shareholders\u2019 Economic Interests Unaffected<\/h2>\n

Billionaire and Chinese fintech giant Ant Group\u2019s controlling shareholder, Jack Ma, recently agreed to an arrangement that dilutes his shareholding and his voting rights. As a result of these changes, Ma, who directly and indirectly controlled more than 50% of Ant Group, will see this influence whittled down to just 6%.<\/p>\n

According to a statement<\/a> issued by the fintech firm on Jan. 7, the adjustment to the Ant Group\u2019s respective shareholders\u2019 rights will see \u201cthe founder, representative of our management and employees exercising their voting rights independently.\u201d Still, the adjustment is not expected to alter or adjust shareholders\u2019 respective economic interests.<\/p>\n

\u201cThe Adjustment is being implemented to further enhance the stability of our corporate structure and sustainability of our long-term development. The Adjustment will not result in any change to the economic interests of any shareholders of Ant Group and their beneficiaries,\u201d the Ant Group said in a statement.<\/p>\n

Chinese Authorities Still Expected to Fine Ant Group<\/h2>\n

The fintech giant added that once the adjustment process is complete, no shareholder including Ma will \u201center into any form of concert party arrangements with any other party\u201d or \u201cseek control over Ant Group alone or jointly with any other party.\u201d The changes however do not affect Ant Group\u2019s day-to-day operations, the statement added.<\/p>\n

Although Ma, who has been targeted by Chinese regulators in the past, has reportedly agreed to cede control of the fintech firm, one report<\/a> suggests authorities in China will still impose a $1 billion fine on Ant Group. Furthermore, the fintech said the changes to its corporate structure do not mean it is reviving its much-publicized $37 billion initial public offering.<\/p>\n

Meanwhile, following this announcement, the share price of Ant Group-linked firms as well as that of the e-commerce giant Alibaba all reportedly went up by 5%.<\/p>\n

What are your thoughts on this story? Let us know what you think in the comments section below. <\/strong><\/em><\/p>\n

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\nTerence Zimwara <\/h6>\n

\nTerence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons, THINK A \/ Shutterstock.com<\/em><\/p>\n

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Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com<\/a> does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<\/div>\n

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