The central bank agrees with Alipay (China)
Changed to no actual controller
Recently, the People's Bank of China's official website (as of December 2023) shows that the central bank issued the bank permit decision [2023] No. 189, agreeing to the change of Alipay (China) Network Technology Co., Ltd. to no actual controller.
In January 2023, Ant Group announced that in order to continuously improve corporate governance and achieve long-term sustainable development, Ant Group plans to take a series of upgrade measures at the board and shareholder level, including introducing more independent directors, adjusting the voting rights structure of major shareholders, and promoting more transparent and decentralized shareholder voting rights.
At the shareholder level, the core of the adjustment is the change in the voting rights of major shareholders: from Jack Ma and his concerted actors jointly exercising share voting rights, to 10 natural persons, including Ant Group's management, employee representatives and founder Jack Ma, independently exercising share voting rights.
After the completion of this adjustment, the major shareholders of Ant Group, including Hangzhou Junhan and Hangzhou Junao, independently exercise their voting rights in the shares of Ant Group and do not act in concert, and the shareholders do not individually or jointly form control at the level of Ant Group's shareholders' meeting, nor do any shareholders nominate more than half of the directors of all directors. As a result, there is no longer a situation in which any direct or indirect shareholder controls Ant Group solely or jointly. There is no change to Jack Ma's economic interests in Ant Group, and his voting rights in Ant will match his economic interests in Ant Group as a natural person shareholder of Hangzhou Junhan.
Recently, the announcement of a number of Ant affiliates shows that the above adjustments have been completed.
On December 29, according to the announcements issued by Hang Seng Electronics and Cathay Pacific Property and Casualty respectively, Ant Group was changed to no actual controller due to the completion of the procedures and completion of the completion of the relevant parties involved in the adjustment of the voting rights of Ant Group's shareholders, and as affiliates of Ant Group, Hang Seng Electronics and Cathay Pacific Property Insurance also changed to no actual controller.
Ant Group said that the structural adjustment plan for the voting rights of Ant Group's major shareholders was announced in January 2023, and the relevant procedures have been completed and the delivery has been completed. The adjustment will not have an impact on the day-to-day operations of the companies involved.
Source: China Fund News
Editor: Zheng Xi
Review: Lin Wei
Supervisor: Shi Xiaobin
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