ADB Approves $400 Million Loan to Boost Ease of Doing Business in the Philippines 
SpaceX Edges Toward Landmark IPO as Elon Musk Confirms Plans 
ANZ Faces Legal Battle as Former CEO Shayne Elliott Sues Over A$13.5 Million Bonus Dispute 
Intel’s Testing of China-Linked Chipmaking Tools Raises U.S. National Security Concerns 
SK Hynix Considers U.S. ADR Listing to Boost Shareholder Value Amid Rising AI Chip Demand 
JD.com Pledges 22 Billion Yuan Housing Support for Couriers as China’s Instant Retail Competition Heats Up 
Microsoft Unveils Massive Global AI Investments, Prioritizing India’s Rapidly Growing Digital Market 
Air Transat Reaches Tentative Agreement With Pilots, Avoids Strike and Restores Normal Operations 
CVS Health Signals Strong 2026 Profit Outlook Amid Turnaround Progress 
Samsung SDI Secures Major LFP Battery Supply Deal in the U.S. 
Air Force One Delivery Delayed to 2028 as Boeing Faces Rising Costs 
EU Court Cuts Intel Antitrust Fine to €237 Million Amid Long-Running AMD Dispute 
Trump’s Approval of AI Chip Sales to China Triggers Bipartisan National Security Concerns 
Nvidia Develops New Location-Verification Technology for AI Chips 
Mizuho Raises Broadcom Price Target to $450 on Surging AI Chip Demand 
GameStop Misses Q3 Revenue Estimates as Digital Shift Pressures Growth 
Westpac Director Peter Nash Avoids Major Investor Backlash Amid ASX Scrutiny 
Ant Group, the Chinese financial services company, has completed the process of its founder, Jack Ma, removal of control over the company. This comes after the People's Bank of China announced on Saturday that Alipay is no longer a controller, and thus, the IPO plan will now proceed.
According to Asia Financial, the central bank posted its decision related to Alipay on its official website. The bank's approval paves the way for an initial public offering, and this means that Jack Ma's control of Alipay is officially over.
Chinese Central Bank's Decision is Crucial for the IPO
Ant Group will now undergo a restructuring which will split the 53% share of voting rights that used to belong to Ma. This will be divided among 10 individuals and entities that will still include Ma. The division is expected to further detach Ant Group from Alibaba.
China's central bank revealed it has decided that Alipay, the mobile payment unit of Ant Group, has no controller post in Ant Group. This decision is very important in the company's aim of putting its IPO plans back on track. This is a crucial step, so with the central bank's approval, a hurdle has been lifted.
Division of Jack Ma's Voting Rights
South China Morning Post reported that restructuring the Ant Group diminished Jack Ma's voting rights; he only has 6.21% now. This used to be over 50%, which has now been divided among Hangzhou Junhan Equity Investment and Hangzhou Junao Equity.
The latter is owned by five individuals with 22.42% voting rights, while the former is owned by Jack Ma and four other individuals who collectively have 31.04% voting rights. It was said that the companies' voting shares were equivalent to the stakes they owned.
A senior financial analyst at BoTong Analysis consultancy firm, Wang Pengbo, said that the restructuring and the resulting organization would be "good for Ant Group's long-term development. "Although a listing in the immediate future is very unlikely, the change paves the way for it to go public in the future," he said.
Photo by: World Economic Forum/Wikimedia Commons(CC BY-SA 3.0)
