The Alibaba-affiliated firm declared that it would terminate agreements that allowed Ma to maintain a dominating position within Ant Group’s corporate governance structure.
Ma exerted power over Ant Group through several investment companies that held a combined 50.5% stake in the fintech giant.
Once the business makes the measures it made over the weekend, according to reports, Ma would possess 6.2% of Ant Group shares.
Following news, the shares of listed Chinese companies with Ant Group as a significant stakeholder increased. Alibaba’s Hong Kong-listed shares increased by 7%.
Ant indirectly has holdings in those businesses ranging from little more than 5% to more than 20%.