China’s central bank has agreed that Ant Group’s mobile payment app Alipay has no controller, a crucial step in the fintech giant’s overhaul deemed necessary to put its much-anticipated initial public offering back on track.
The restructuring saw the voting rights of founder Jack Ma shrink to just 6.21 per cent from 53.46 per cent. The move is seen as paving the way for Ant to resume its public listing that was derailed in 2020 following a controversial speech given by Ma.
