On January 7th, Beijing time, Ant Group stated that its founder Jack Ma will no longer be the actual controller of the company, and some other affiliated management members will no longer serve as Alibaba partners either.
Currently, Ant Group is attempting to avoid regulatory enforcement initiated two years ago as it prepared for a large-scale listing. Ant Financial, a subsidiary of Alibaba Group Holding Ltd., is the owner company of the Chinese mobile payment app Alipay, which is the world’s largest mobile payment app with more than 1 billion users. Previously, Jack Ma was in control of Ant Financial by owning 10% of the stock shares through other entities.
In 2020, Ant Financial’s $37 billion USD IPO was canceled at the last minute, forcing the company into a restructure, leading to Jack Ma’s loss of his control of the company. Ma’s exit could clear the way for the company to resume its IPO, or the change could lead to further delays in listings under listing regulations. Communist China’s domestic A-share market requires companies to wait for three years after a change of share control management before going public.
On the Shanghai Stock Exchange (STAR), the waiting time is two years, and one year in Hong Kong.
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