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Former Chinese high-flyer Jack Ma’s influence is being further eroded, as the Ant Group company he co-founded said he is reducing his voting rights at the financial technology firm because of regulatory concerns. Formed according to the crackdown.
A statement from Ant Group indicated that Ma’s previous control of more than 50% of the voting rights will be reduced to 6.2%.
Founded in 2014 by Ma, Ant runs. Alipay, The world’s largest digital payments platform. The platform is used by millions of people every month in China and elsewhere.
It is also involved in consumer lending and distribution of insurance products.
Ant Group is an affiliate of multinational technology giant Alibaba Group, also founded by Ma, which operates the popular shopping platforms Taobao and Tmall.
Ma co-founded Alibaba in 1999, and expanded his reach with the founding of subsidiary Ant Group in 2014. He built the e-commerce company into a $454B empire, changing the way Chinese people shop. In the process, Ma became one of the world’s richest men, with a net worth of about $42B, according to Bloomberg’s Billionaires Index.
Ma stepped down as chairman of Alibaba Group in 2019.
Alibaba’s sprawling operations have made inroads into Hollywood in recent years, taking a stake in Steven Spielberg’s Amblin Partners in 2016 and then STX in 2019. He helped bring such films. Green Book For the Chinese audience.
The Ant Group company said it is adjusting its ownership structure so that “no single shareholder, alone or jointly with other parties, will have control over Ant Group.”
“The adjustments are being implemented to further enhance the stability of our corporate structure and the stability of our long-term growth,” Ant’s statement said.
It said the ten individuals, including founders, management and staff, “shall freely exercise their voting rights”.
Beijing regulators Stopped A planned Ant Group IPO in 2020 after Ma accused financial authorities of stifling growth in a speech at a summit in Shanghai.
Ma has kept a very low profile since the IPO closed.
In the ensuing two years, he has seen his fortune nearly halve to around $25 billion.
Alibaba Pictures Group is a subsidiary of Alibaba Group, a Chinese film company. As of April 2015, it was the largest Chinese film company by value, with a market value of US$8.77 billion..
2015 saw Alibaba Pictures’ first investment in the US. the cinema With their financial support Mission Impossible: Rogue Nation.
Alibaba Pictures partnered with STX to release the film. Pippa celebrated Chinese New Year In 2019
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