Former China high-flyer Jack Ma’s influence is being further cut, as the Ant Group company he cofounded said he is reducing his voting rights at the financial technology firm as it restructur…
company he cofounded said he is reducing his voting rights at the financial technology firm as it restructures in line with a regulatory crackdown.
The Ant Group is an affiliate company of the multinational technology company Alibaba Group, also founded by Ma, which operates the popular shopping platforms Taobao and Tmall. “The adjustment is being implemented to further enhance the stability of our corporate structure and sustainability of our long-term development,” the Ant statement said.
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