The billionaire’s share of the voting rights are now divided among Hangzhou Junhan Equity Investment – owned by Ma and four others with 31.04 per cent of voting rights – and Hangzhou Junao Equity, another firm owned by five other individuals with 22.42 per cent of voting rights. The companies’ voting shares are equal to their ownership stakes.
An Ant representative said that its “corporate governance optimisation announced on January 7, 2023, has been completed and it will not affect the company’s day-to-day business operations”.
Jack Ma praises rival PDD in rare memo calling on Alibaba staff to change
Jack Ma praises rival PDD in rare memo calling on Alibaba staff to change
“It’s definitely a clear signal that the government has eased the curbs on China’s big technology platforms,” Dai Ming, a fund manager at Huichen Asset Management in Shanghai, said after the January announcement. “We can also say that it is a step forward for Ant to resume its listing.”
Wang Pengbo, senior financial analyst at consultancy BoTong Analysys, also said at the time that the new structure would be “good for Ant’s long-term development”.
“Although a listing in the immediate future is very unlikely … [the change] paves the way for it to go public in future,” Wang added.
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Alibaba names co-founder Joe Tsai chairman, in surprise shake-up as Daniel Zhang steps down
Alibaba names co-founder Joe Tsai chairman, in surprise shake-up as Daniel Zhang steps down
Hangzhou-based Ant has taken several steps to restructure since 2021, after the last-minute scuttling of its planned Shanghai and Hong Kong dual listing late the previous year.
The mobile payments industry is set to face stricter regulations in the new year. The State Council earlier this month published rules on non-banking payment institutions, with tougher licensing rules taking effect in May.