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Former Chinese high-flyer Jack Ma’s influence has waned further. Ant Group, a company he co-founded, said Ma was reducing his voting power as it restructured its financial technology firm in line with the regulatory crackdown.
Ma’s control over more than 50% of its previous voting power will be reduced to 6.2%, according to a statement from Ant Group.
Founded by Ma in 2014, Ant operates Alipay, the world’s largest digital payment platform. The platform is used by hundreds of millions of people every month in China and elsewhere.
It is also involved in the distribution of consumer lending and insurance products.
Ant Group is an affiliate of Alibaba Group, a multinational technology company founded by Ma, which operates popular shopping platforms Taobao and Tmall.
Ma co-founded Alibaba in 1999 and expanded its reach by establishing a subsidiary, Ant Group, in 2014. He built his e-commerce company into his $454 billion empire and changed the way people in China shop. In the process, Marr has become one of the richest men in the world, according to Bloomberg’s Billionaires Index, with his net worth nearing his $42 billion.
Jack Ma stepped down as chairman of Alibaba Group in 2019.
Alibaba’s sprawling operations have infiltrated Hollywood in recent years, acquiring stakes in Steven Spielberg’s Amblin Partners in 2016 and STX in 2019. green book to the Chinese audience.
The Ant Group company said it would adjust its ownership structure so that “either alone or jointly with other parties, no shareholder can control Ant Group.”
“This adjustment is being implemented to further enhance the stability of our corporate structure and the sustainability of our long-term development,” said Ant’s statement.
Ten people, including the founders, management and staff, said they would “vote independently.”
Beijing regulator has canceled Ant Group’s IPO scheduled for 2020. After Ma’s speech at a summit in Shanghai, he accused financial authorities of stifling growth.
Since the IPO was canceled, Ma has been very low profile.
He has seen his fortune drop by about half over the next two years to an estimated $25 billion.
Alibaba Pictures Group is a Chinese film company that is a subsidiary of Alibaba Group. By April 2015, it was the largest film company in China with a market capitalization of US$8.77 billion..
In 2015, Alibaba Pictures made its first investment in a US film. Mission Impossible: Rogue Nation.
Alibaba Pictures partnered with STX to release the film Peppa celebrating Chinese New Year 2019.
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