Jack Ma to Cede Control of China's Ant Group

Chinese billionaire Jack Ma will cede control of fintech giant Ant Group as part of a restructure, the company announced Saturday. 

"No shareholder, alone or jointly with other parties, will have control over Ant Group (after the completion of the adjustment), the company said in a statement, reports AFP.

"The adjustment is being implemented to further enhance the stability of our corporate structure and sustainability of our long-term development."

The statement laid out the previous complex structure of the company that showed Ma "indirectly" controlled 53.46 per cent of Ant Group's shares.

"As a result, Mr Jack Ma (was) deemed to be the control person of Ant Group prior to the adjustment," it said.

Beijing has targeted major technology firms in recent years, and in 2020 pulled Ant's planned initial public offering in Hong Kong at the last minute. The listing would have been a world record at the time. 

Authorities also hit Alibaba, which Ma co-founded and formerly headed, with a record $2.75 billion fine for alleged unfair practices.

Regulators this week announced that Ant had won approval to raise 10.5 billion yuan ($1.5 billion) for its consumer finance arm in a further sign that authorities may be loosening their grip on the firm.