Chinese billionaire Jack Ma loses control of Ant Group. The creator of Alibaba is hiding from the regime

Jack Ma now directly owns about 10 percent. votes in Ant Group, but controls the company through related entities, including Hangzhou Yunbo. After the changes, it is to hold only 6.2 percent. votes.

The changes are to ensure that no shareholder will have control over Ant Group – . The board of directors will mostly consist of independent directors. The company said the change to the voting structure would make it “more transparent and differentiated”. At the same time, “it will not affect the economic interests of any of the shareholders.”

“Ant Group last year announced a thorough restructuring of its operations to allay the concerns of the antimonopoly office regarding unfair competition and the amount of data collected about users” – they say.

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Problems of the founder of Alibaba

In 1999, an IT teacher from Hangzhou founded Alibaba, which over the next two decades became one of the most important technology concerns not only in China, but also in the world. In October 2020, Bloomberg estimated the Chinese businessman’s fortune at USD 61 billion.

“In 2019, Jack Ma resigned as Alibaba’s CEO, but continued a number of other business ventures. And it was one of them – Ant Group – that directed the anger of the Chinese regime against him. At the end of 2020, the company whose Ma was the largest shareholder. Ant is a company from the fintech industry, i.e. operating at the intersection of finance and technology. It is the operator of Alipay, the main online payment system in China, “wrote Daniel Maikowski in our pages.

Jack Ma is hiding from the Chinese regime

However, Ant’s IPO was suddenly canceled and Jack Ma himself vanished into thin air.

A Chinese billionaire had to leave the country because of his statements about the financial market, which drew the ire of the communist regime on him. Ma has been critical of traditional banks, comparing them to pawnshops and touting the benefits of digital banking, saying that credit decisions in the future should be based on data, not customer collateral.

For the next two years, Jack Ma did not appear in public, and almost no one knew where he really was. There were even speculations suggesting that perhaps the entrepreneur was just another victim of the Chinese regime.

In the meantime, the media reported that Jack Ma and his family are in Tokyo, USA and Israel. This week, however, he was seen in Bangkok – “betrayed” by the chef and owner of the well-known street restaurant Jay Fai. The Michelin-starred cook took a picture with Ma and posted the picture on Instgram.