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Ant Group's CEO, Jack Ma, will no longer be in charge of the Chinese tech giant's fintech business after the shareholders voted to make several changes.
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Ma will be giving up the majority of the rights to vote, according to the group on Saturday.
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The move is yet another significant advancement following a regulatory crackdown which ended Ant's $37 billion IPO in the second quarter of 2020 and forced a restructuring of the business.
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Ma has only a 10 per cent stake in Ant and has exercised control over the business through affiliated companies.
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Ma is the co-founder and chief executive officer of Alibaba Group.
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Ma was previously in possession of over 50% votes at Ant.
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The changes mean his share drops to 6.2 per cent.
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Ant also announced that it would include a fifth independent director on its board of directors so that directors with independent backgrounds will constitute the majority of the company's board.