This post was originally published on this site
https://i-invdn-com.investing.com/trkd-images/LYNXMPEJ0600U_L.jpg
Ma previously possessed more than 50% of voting rights at Ant but the changes will mean that his share falls to 6.2%, according to Reuters calculations.
While Ma only owns a 10% stake in Ant, an affiliate of e-commerce giant Alibaba (NYSE:BABA) Group Holding Ltd, he exercised control over the company through related entities, according to Ant’s IPO prospectus filed with the exchanges in 2020.
Hangzhou Yunbo, an investment vehicle for Ma, had control over two other entities that own a combined 50.5% stake of Ant, the prospectus showed.
