China | Alibaba billionaire Jack Ma, who has criticized the Chinese government, is giving up control of Ant Group

China’s the founder of the Chinese e-commerce giant Alibaba, who has criticized economic policy Jack Man was reported on Saturday to relinquish control of Ant Group, a banking and financial technology company spun off from Alibaba. The news agency reports on the matter Bloomberg and AFP.

According to the company, it is changing its shareholding structure in such a way that neither Ma nor any individual shareholder can manage the company anymore. According to the company, Ma previously “indirectly” managed 53.46 percent of the shares of Ant Group, known for the Alipay payment application.

After the reorganization, Ma only manages 6.2 percent of the company’s shares. Ten individuals will exercise independent decision-making power in the company’s votes, Ant Group informs.

China’s In recent years, the administration has imposed strict restrictions and actions on the country’s technology companies.

In 2020 the authorities prevented Designed by Ant Group record breaking initial public offering. In April 2021, China also ordered Alibaba to pay 18 billion yuan, or about 2.3 billion euros at the exchange rate at the time, for violating competition laws.

This week, the country’s regulators authorized Ant Group to raise 10.5 billion yuan (about 1.44 billion euros) for its consumer finance division.

Mon disappeared from public view after almost completely criticizing the Chinese government and banking system just over two years ago. Ma is one of the most famous Chinese businessmen.

However, Ma has been seen this week in Bangkok, Thailand, reports the Reuters news agency. Local Michelin restaurateur, “Jay Faina” known Supinya Junsutaposted a picture of himself with Ma on his Instagram account.

Man was said to have been to a restaurant with a Thai business manager and to a boxing match. The Jack Ma Foundation has not commented on the findings.

In November, Man was reported to be living in exile in Japan.