Alipay gets approval for operating without controller
China’s central bank agrees that Ant Group’s payment platform, 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]
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