Ma thus ends a shareholders’ agreement with Ant Chairman Eric Jing, former CEO Simon Hu, and Alibaba’s Jiang Fang, which gave Ma 53.46% of voting power in the fintech company, according to the statement.
After the restructuring, the main shareholders “they will independently exercise their voting rights”Ant said. “No shareholder shall, alone or jointly with another shareholder, have the power to control the outcome of Ant’s general meetings,” or “to appoint a majority of Ant’s board of directors,” and “for so much… having control over Ant.”
The restructuring is the most substantial adjustment of the largest fintech company in the worldamid its regulatory scrutiny following the postponement of its $39.7 billion worth of share sales in Shanghai and Hong Kong.
Under the proposed plan, Ma’s 10% stake in Ant will be reduced to 6.2%, according to a Reuters report. Its related entities also have equity stakes in Ant, which together give it a majority stake in the fintech company, which will change as part of the reform, the report said.
On Monday, not only Alibaba’s share price rose, but also shares of other Ant-related entities. Longshine Technology Group Co Ltd, Jilin Zhengyuan, Shanghai Golden Bridge Infotech Co, Orbbec Inc Y Hundsun Technologies they also experienced breakthrough in morning operations.
Source: Ambito
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