A charismatic founder walking away is usually a bad sign for a company hoping to go public. For China’s Ant, though, it would be a relief. Chinese technology icon Jack Ma is planning to give up control of the financial technology giant, according to the Wall Street Journal. That would build on Ant's ongoing restructuring efforts to placate the officials who derailed its $37 billion float two years ago.
Alibaba Group co-founder and executive chairman Jack Ma attends the World Artificial Intelligence Conference in Shanghai, China, September 17, 2018. REUTERS/Aly Song/File Photo - RC22LV9JON9WJuly 29 - A charismatic founder walking away is usually a bad sign for a company hoping to go public. For China’s Ant, though, it would be a relief. Chinese technology icon Jack Ma is planning to give up control of the financial technology giant,to the Wall Street Journal.
Ma's exit would benefit Ant and shareholders. Even though he holds no executive or board positions, the billionaire effectively controls the company through an indirect 50.5% stake housed in two limited partnerships where he wields outsized influence, according to Ant's 2020 IPO documents. It's not clear how Ma will relinquish control or who will take over, but ditching that structure should give investors and regulators much-needed clarity on decision-making at the top.
Based on existing rules, a change of control plus restructuring would push back the timeline for Ant's revived listing by several years. On the other hand, it’s unlikely authorities would ever give their blessing with the tycoon still in charge, given Ma's strained relations with Beijing.Broadly, this will bolster Ant's ongoing efforts to clean up its corporate governance.
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