Billionaire Jack Ma will no longer control Ant Group after the fintech company announced on Saturday that it is to reshape its shareholding structure.
In a statement released by Ant Group, the company said it planned to introduce five more independent directors, and senior executives of Ant Group will no longer be partners of Alibaba, a move to make the company’s shareholder structure “more transparent and diversified.”
Before the adjustment, Ma held 53.5 percent of Ant Group’s shares indirectly. That has been reduced to only 6.2 percent after the restructuring.
The adjustment was made so that “no shareholder, alone or jointly with other parties, will have control over Ant Group,” said the company.
Both Alibaba and its affiliate Ant Group were founded by Ma.