Jack Ma cedes control of Shanghai-listed financial software firm Hundsun Technologies amid Ant Group restructuring
- Ma, who indirectly held 20.72 per cent of the voting power in Hundsun Technologies, will no longer have control over the company
- The tech billionaire bought a controlling share of Hundsun in 2014, the same year that Ant Group was founded
Jack Ma will cede control of Shanghai-listed financial software provider Hundsun Technologies, after owner Ant Group overhauled its shareholding structure and diluted the voting power of its billionaire founder, in a move necessary to revive the much-anticipated initial public offering of China’s largest fintech company.
Ma, who indirectly held 20.72 per cent of the voting power in Hundsun, will no longer have control over the mainland Chinese company, according to its stock exchange filing released on Sunday.
The decision follows a number of steps that Ant has taken since 2021 to restructure and further cleave itself from its parent Alibaba, after the fintech giant’s initial public offering in 2020 was abruptly suspended. The company now plans to add a fifth independent director, making up more than half of the nine-member board.
Alibaba owns the South China Morning Post.
By giving up his control of Ant, Ma will no longer control Hundsun, in which Ant holds a controlling stake.
“Since no shareholder, alone or jointly with other parties, will have control over Ant Group … the actual controller of Hundsun Technologies will also be changed from Mr Ma Yun to no actual controller,” Hundsun’s statement read, referring to Ma’s Chinese name.