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Ant Group Restructuring: Jack Ma to Give Up Voting Rights

Chinese billionaire Jack Ma will no longer control Ant Group after the fintech giant's shareholders agreed to a series of adjustments that will see Ma give up most of his voting rights.

Ant Group Logo
Ant Group Logo

The move comes after a regulatory crackdown scuttled Ant's planned $37 billion IPO in late 2020 and led to a forced restructuring of the company.

Experts Weigh In on Ant Group Restructuring

Andrew Collier, Managing Director at Orient Capital Research in Hong Kong, commented on the restructuring, saying, "Jack Ma's departure from Ant...shows the determination of the Chinese leadership to reduce the influence of large private investors. This trend will continue erasing the most productive parts of the Chinese economy."

Duncan Clark, Chairman of investment advisory firm BDA in Beijing, stated that the restructuring "in theory should pave the way for an IPO assuming the other key issue - oversight/ownership of data - is also resolved."

Weighing Chen, a Partner and Head of Greater China Practice at law firm Wilson Sonsini in Hong Kong, cautioned that "if these voting arrangement changes are deemed as a change-of-control event under the A share and/or Hong Kong listing rules, Ant Group's IPO process could be further delayed."