Chinese billionaire Jack Ma plans to give up control of Ant Group Co.


Jack Ma oens only 10% stake in Ant, an affiliate of Alibaba Group holdings. According to Ant's IPO prospectus field with the exchanges in 2020

Currently, Jack Ma doesn't hold any executive role at Ant or a seat on its board but controls it's 50.52% of its shares through its private entity

Seven Ant Group executives including Jing stepped down from the Alibaba partnership.

The move was part of this continuous effort to enhance corporate governance 

The Ant said

Ant's operates the world's largest China's universal mobile payment app, Alipay which has more than 1 billion users.

Ant and Ali Alibaba are separating their operations from each other and independently seeking new businesses 

Ma stepped down as Alibaba's CEO in 2013 and retired as a chairman in 2019

Ma justified the decision as necessary for securing a payments licence to operate in China