Jack Ma cedes control of Shanghai-listed financial software firm Hundsun Technologies amid Ant Group restructuring
Jack Ma will cede control of Shanghai-listed financial software provider Hundsun Technologies, after owner Ant Group overhauled its shareholding structure and diluted the voting power of its billionaire founder, in a move necessary to revive the much-anticipated initial public offering of China’s largest fintech company.
Ma, who indirectly held 20.72 per cent of the voting power in Hundsun, will no longer have control over the mainland Chinese company, according to its stock exchange filing released on Sunday.
The announcement came a day after Ant said that Ma would end an acting-in-concert pact with company chairman Eric Jing, former CEO Simon Hu and Alibaba Group Holding veteran Jiang Fang, thereby giving up his 53.46 per cent of voting power.
By giving up his control of Ant, Ma will no longer control Hundsun, in which Ant holds a controlling stake.
“Since no shareholder, alone or jointly with other parties, will have control over Ant Group … the actual controller of Hundsun Technologies will also be changed from Mr Ma Yun to no actual controller,” Hundsun’s statement read, referring to Ma’s Chinese name.
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何金盛 : Now he can't control the ant colony
whqqq : Like the end of a period of history