Jack Ma

Jakarta –

Ant Group Co. officially completed the procedure to remove the main controller of the company, namely the founder, Jack Ma. This is a follow-up to Jack Ma’s resignation as controller at Ant Group.

Ant Group is a financial sector technology company affiliated with Alibaba. Jack Ma previously had full control of the company whose goal was to reach all consumers and small businesses to financial and other services through technology access.

Quoted from BloombergWednesday (4/1/2024) Jack Ma’s resignation was announced in early 2023. Ant Group’s spokesperson believes that adjusting the company’s controller will not change the economic interests of any shareholder.

“The change in status at the PBOC will not affect the company’s day-to-day business operations,” an Ant spokesperson.

Ant Group is a company founded by Jack Ma in 2004. The affiliated business with Alibaba is a technology company operating in the financial sector.

Ant Group owns several companies such as Alipay, Yu’e Bao, Huabei, Xiang Hu Bao, Mybank, and Zhima Credit. For information, Jack Ma is said to have given up control of the fintech giant Ant Group after the company failed to hold an IPO.

Quoted from ReutersSaturday (7/1/2023), Ant previously planned an IPO worth US$ 37 billion in 2020. The IPO, which would have been the largest in the world, was finally canceled in November 2022.

This forced the company to undergo forced restructuring, and Jack Ma had to give up his power. A number of analysts predict that Ant could IPO after Jack Ma relinquishes control.

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2024-01-03 05:11:58
#Jack #Officially #Leaves #Company #Ant #Group

In 2006, Jack Ma, the founder of Taobao and Alipay, publicly stated that if the country needs it, Alipay can be taken away at any time. Recently, the Central Bank of China announced that it has approved the change of Alipay (China) Network Technology Co., Ltd. to no actual controller. This means that the CCP government has officially cut Jack Ma out of the ranks of the actual controller of Alipay and successfully handed over Alipay to the “Communist Party.” This triggered ridicule among Chinese netizens, saying that this is the final destination of private enterprises.

According to X (former Twitter) tweeter Petrichor posted a screenshot on his account, the Central Bank of China recently issued a bank approval decision.[ 2023 ]Document No. 189 agreed to change Alipay (China) Network Technology Co., Ltd. into a company without actual controllers. The promoter Cai Shenkun posted on his X account that according to China’s “Administrative Measures for Listed Companies”, the ownership structure of listed companies without actual controllers is dispersed, there are no controlling shareholders holding more than 50% of the shares, and there is no actual control. The voting rights of the company’s shares exceed 30%, and a single director or senior officer is unable to control the company’s major decisions and business strategies. This means that Jack Ma, who originally founded Alipay, has given up his power to control Alipay, a giant company.

According to the tweet, the Chinese Communist Party’s state-owned capital now accounts for more than 5% of Alipay’s shares. As Jack Ma’s control over Alipay gradually decreases, state-owned capital will inevitably have a say in the company. For Jack Ma and his followers, the intervention of state-owned capital is like erecting a protective umbrella for them. The Chinese Communist government will not suppress their companies at every turn, nor will they obstruct the normal operations of the companies and give up control. Quan is the best choice when you are helpless. Now that the central bank has agreed to change Alipay to have no actual controller, it can be regarded as allowing Jack Ma to fulfill the promise he made in 2006 and allowing Jack Ma to withdraw from the stage of this giant company.

In response to this incident, Chinese netizens ridiculed: “The rich think that the money is theirs, and the poor think that the country is theirs”, “This is the ultimate destination of private enterprises”, “To put it nicely, it is being communistized”.

In 2006, Jack Ma, the founder of Taobao and Alipay, publicly stated that if the country needs it, Alipay can be taken away at any time.

Recently, the Central Bank of China announced that it has approved the change of Alipay (China) Network Technology Co., Ltd. to no actual controller.

This means that the CCP government has officially cut Jack Ma out of the ranks of the actual controller of Alipay and successfully handed over Alipay to the “Communist Party.” This triggered ridicule among Chinese netizens, saying that this is the final destination of private enterprises.

Jack Ma, the founder of Taobao and Alipay, publicly stated in 2006 that he could transfer Alipay if the country needed it.Picture: Reprinted from Cai Shenkun’s personal X account

2024-01-01 05:56:46
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