Chinese business tycoon Jack Ma may distance himself from Ant Group and let go of his control of the firm, The Wall Street Journal reported, citing sources.
It’s worth noting that Ma does not have an official position in Ant, nor is he a board member. However, he controls 50.52% of the company’s shares through an entity called Hangzhou Yunbo Investment Consultancy.
The business tycoon may cede control by transferring some of his voting powers to Ant executives, including CEO Eric Jing.
Ma’s plans to relinquish his stake in the firm are believed to be part of the ongoing efforts to separate Alibaba and Ant Group. The latter was launched as a payments and financial services platform in 2011.
The two companies are parting ways in response to regulatory crackdowns in Beijing, which halted Ant’s US$37 billion IPO plans in 2020.
Earlier this week, Alibaba announced that seven executives from Ant Group – including chairman Eric Jing Xiandong and CTO Xingjun Ni – “resigned from its partnership structure.”
Partners in Alibaba have the right to propose members to the company’s board of directors.
See also: Alibaba’s financial health in 5 charts
Editing by Samreen Ahmad and Lorenzo Kyle Subido
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