The share price of Alibaba opened 7.68% higher on Monday in the Hong Kong Exchange after the report that Jack Ma has stepped down from fintech giant Ant Group amid a crackdown with the China’s Communist Party that targeted the billionaire.
The company released a statement on Saturday, saying that it was adjusting its ownership structure, which would result in no shareholder, alone or jointly with other parties, will have control over Ant Group.
Ma is holding 53.46% of Ant Group’s shares, but after the adjustment, he will hold only 6.2%.
The crash at the last minute of what-would-be world’s largest IPO by Ant’s $37 billion in November 2020 forced the tech giant to go into financial restructure.
