Why Jack Ma will no longer control Ant Group?

Washington [US], January 7: Billionaire Jack Ma will no longer control Chinese fintech giant Ant Group after shareholders agreed to a series of adjustments that would see him give up most of his voting rights.
The move, announced by Ant Group today, marks another major development since Ant Group 's IPO plan, estimated to raise more than $30 billion, fell through. in November 2020 due to new regulations of the Chinese government, leading to the forced restructuring of this financial technology giant.
Despite owning only 10% of Ant Group, a subsidiary of e-commerce giant Alibaba, Ma has exercised control of Ant Group through related entities, according to the company's IPO prospectus. Ant Group filed for exchanges in 2020. According to that prospectus, Hangzhou Yunbo, an investment vehicle of billionaire Jack Ma, has control of two other entities that own a combined 50.5% stake. part of the Ant Group.
Source: ThanhNien Newspaper