Billionaire Jack Ma is ceding control of Ant Group, capping a tumultuous period for the Chinese fintech giant
Mr. Ma will continue to hold voting rights in an entity that controls Ant, alongside nine Ant executives and employees will be also given voting rights. Together, they will jointly control the company, the statement said.
Ant has been revamping its various business lines, from consumer lending to insurance, and will eventually become a financial holding company subject to regulations in line with traditional financial firms. Regulators didn’t demand the change but have given their blessing, the Journal reported previously. Ant is required to map out its ownership structure when it applies to become a financial holding company.
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