Alibaba co-founder Jack Ma steps further away from business ...News

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Alibaba co-founder Jack Ma steps further away from business
source : Russia Today ( News ) () 65
China’s fifth richest man will cede control of affiliated Ant Group, which owns the Alipay platform Jack Ma, the billionaire co-founder of e-commerce giant Alibaba, is giving up the controlling rights of affiliated company Ant Group, according to a statement on the latter’s website on Saturday. The company said it will undergo an “adjustment of the upper-tier shareholding structure,” under which the ten largest shareholders, including Ma, have agreed to no longer exercise their voting rights in concert and will henceforth vote independently. Ma currently indirectly controls the voting rights represented by 53.46%

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