Following Bejing's crackdown, billionaire Jack Ma to give up control of Ant Group

Jack Ma will cede control of Chinese fintech giant Ant Group, the company announced Saturday, following a Communist Party crackdown on the nation's tech sector that targeted the charismatic billionaire.

One of China's most recognisable entrepreneurs, Ma once exemplified a generation of Chinese technology moguls with his rags-to-riches personal tale and penchant for public showmanship.

But the former English teacher has retreated from public view since Beijing torched Ant's planned initial public offering in Hong Kong in 2020 following his barbed comments about government regulators.

His company said in a statement on Saturday it was adjusting its ownership structure so that "no shareholder, alone or jointly with other parties, will have control over Ant Group".

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Laying out the firm's previous complex structure, the announcement showed Ma indirectly controlled 53.46 percent of Ant's shares and deemed him the company's "control person".

He will hold just 6.2 percent of the voting rights following the adjustment, based on information in the statement.

"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.

Ten individuals -- including the founder, management and staff -- will "exercise their voting rights independently", it said.

The adjustment will not change the economic interests of any shareholders.

Ant operates Alipay, the world's largest digital payments platform, which boasts hundreds of millions of monthly users in China and beyond.