After The Correction, Jack Ma's Share In Shareholder Votes Will Fall To 6.2%
Aa
Share
Chinese billionaire Jack Ma will no longer control Ant Group - shareholders of the financial giant have agreed to change the shareholding structure.
In this article:
- Russia Attack a village market in Kharkiv Oblast
- Jack Ma had not his 50% voting share
Russia Attack a village market in Kharkiv Oblast
The war in Ukraine has been going on for almost a year. The new year does not show that the situation would change. Heavy fighting continues in the Luhansk and Donetsk regions, especially around Bakhmut and Soledar, and the world is watching developments.
Russian forces struck a village market in Kharkiv Oblast in northeastern Ukraine, according to a top regional official, leaving one woman dead and several others hospitalized. Rescue services are on site. Seven civilians, including a 13-year-old girl, were injured in the rocket attack.
Attacks bring death to non-innocent people, this time a 60-year-old woman was killed. According to sources, there may still be injured people under the rubble, or in the worst case, more people who have lost their lives.
In other news, the Russian government has extended support for a legislative amendment that would classify maps that question the country's official "territorial integrity" as punishable extremist material, state news agency Tass reported Sunday.
Russia annexed the Ukrainian Crimea in 2014 – a move rejected by Ukraine and many countries as illegal. Since then, Ukrainians and their government have often objected to world maps showing Crimea as part of Russian territory.
Bakhmut 'holding out against all odds,' Zelenskyy says; Russia backs ban on maps disputing territory https://t.co/tFAl5chLhp
— CNBC (@CNBC) January 9, 2023
Read next: Plans To Sell FTX Assets Met With Opposition From US Trustee Andrew Vara| FXMAG.COM
Jack Ma had not his 50% voting share
Beijing may appease the tech champions, but that may be more deliberate than permanent. As the economy falters after years of the pandemic, while demand abroad declines, China needs big tech giants to put an end to job cuts for now. Ant Group is a fintech affiliate of Alibaba - both were founded by Ma.
On Saturday, the company announced that Ma's more than 50 percent voting share would be reduced to around 6 percent, and a fifth independent director would join the board. Before the change, the Chinese billionaire owned over 50 percent. votes in Ant via Hangzhou Yunbo and two other entities.
Ant Group added in a statement that the voting rights adjustment was intended to make the company's shareholding structure "more transparent and diversified" and would not result in any changes to the economic interests of any shareholder. The voting rights revision came after Chinese regulators refused to agree to Ant received $37 billion for development from its November 2020 IPO and ordered the company to restructure its operations. A month earlier in Shanghai, Ma had criticized China's financial regulation system and state-owned banks.
Moreover, Ma's defenestration unexpectedly strengthened Alibaba and other Ant affiliates.
From Breakingviews - Jack Ma's Ant is China tech's tiniest bellwether https://t.co/85VyQdHqjB
— Reuters Business (@ReutersBiz) January 9, 2023
