Jack Ma, the founder of Ant group, will no longer control the Chinese tech giant after a series of adjustments made by the existing shareholders that sees him to lose most of his voting rights.
There is a reconstruction of the financial technology of this tech giant after the regulatory crackdown that devastated Ant’s IPO of $37 billion.
This departure highlights the urge of Chinese leadership to turn the table from the influences of large private investors.
Ant is in the possession of little risk to the financial system and is effectively arranging loans for small businesses adding up to the drivers of economic growth.
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