China’s central bank agrees that Ant Group’s payment platform,My Mothers Friend 5 Alipay, has no controller, as stated on the official website of the People’s Bank of China. This development is widely seen as a significant step in clearing a major hurdle for Ant Group to revive its abruptly canceled IPO in 2020. The recent adjustment reduces founder Jack Ma’s share voting power from 53.46% to 6.21%, eliminating any shareholder, whether direct or indirect, with single or joint control over Ant Group. A spokesperson from Ant Group noted that the completed voting rights structure of major shareholders, announced publicly in January 2023, will not impact the daily operations of relevant companies. [PBOC, in Chinese]
