Ant Group Shake-up Sees Jack Ma Give Up Control

Tycoon Jack Ma will no longer control his financial technology business Ant Group, the company said in a statement announcing a shake-up in its shareholder voting rights on Saturday.

The group also said it would add a fifth independent director to its board, giving independent members a majority, as part of efforts to improve corporate governance and "achieve long-term sustainable development".

Analysts said the changes could be a step towards the group finally going public, two years after a blockbuster listing was cancelled.

"The adjustment will not affect the day-to-day operations of Ant Group," the company said in a statement.

"We will continue to serve the real economy by leveraging digital technology, implementing our sustainable development strategy, optimising our corporate governance, investing in cutting-edge technologies, and creating greater value for society."

The company said Ma, who also heads ecommerce giant Alibaba, previously controlled 53.46 percent of its voting rights through two investment companies. The Reuters news agency said its calculations showed that Ma would control 6.2 percent of the shares after the adjustment.

Ant Group called off a US$37 billion initial public offering in Hong Kong and Shanghai in 2020.