Jack Ma, the Chinese businessman who co-founded the technology major Alibaba, will relinquish control of financial technology company Ant Group as it embarks on a major corporate restructuring.
The move is part of other changes, including the forming of new committees and adjustments to voting rights, in an apparent bid to appease Chinese regulators who have scrutinised and probed the company, Hangzhou-based Ant Group said in a statement on its website on Saturday.
Ant Group has formed six sub-committees, including for risk management, consumer rights protection and sustainable development, as part of its restructuring, according to the statement.
It said that it also plans to add a fifth independent director, after which independent directors will comprise a majority of its board, which, at present, is composed of eight members.
"As a result, there will no longer be a situation where a direct or indirect shareholder will have sole or joint control over Ant Group," according to the company, which said that "several initiatives" have been implemented since 2021 "to optimise our corporate governance and achieve long-term sustainable development".
"Concurrently, to further enhance the transparency and effectiveness of our corporate governance and strengthen our independence from our shareholder, Alibaba Group, certain members of our management have exited the Alibaba partnership."
Alibaba, which is also based in Zhejiang province's capital Hangzhou, owns a third of Ant Group.
The move comes after years of speculation that Mr Ma, the billionaire who founded Ant Group in 2014 as an offshoot to Alibaba, would step down from the company following a failed initial public offering in 2020.
The $37 billion IPO would have been the world's largest — bigger than Alibaba's $25 billion in 2014 — but was scuttled at the last minute by Chinese regulators. That led to rumours of him stepping down from the company.
After the IPO's cancellation, Mr Ma disappeared from the public eye. He re-emerged in January 2021 amid investigations into Alibaba and Ant Group, who at the time were facing anti-trust scrutiny over risks to financial stability.
Mr Ma stepping down could clear the way for the revival of Ant Group's IPO, though China's listing rules may prevent it from doing so anytime soon.
Chinese regulations require companies in its A-share market to wait three years to list after changes are made in its control structure. This is longer compared to the two-year wait required by the Star market in Shanghai and the one year needed in Hong Kong.
In April 2021, Reuters reported that Ant Group was looking at options to help Mr Ma divest his stake in the company and cede control. Previously, he had more than 50 per cent of voting rights at the company but the reforms will pull this down to 6.2 per cent, Reuters calculations showed.
In July, the Mr Ma was said to consider giving up control by transferring some of his voting power to a number of Ant Group's top brass, including chief executive Eric Jing, The Wall Street Journal reported.
This week, Ant Group received a boost after Chinese regulators approved a plan by the company to raise 10.5 billion yuan ($1.5 billion) for its consumer unit.
With input from Reuters
UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
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Starring: Winona Ryder, Michael Keaton, Jenny Ortega
Director: Tim Burton
Rating: 3/5
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Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
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Heather, the Totality
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Starring: Alia Bhatt, Vedang Raina, Manoj Pahwa, Harsh Singh
What sanctions would be reimposed?
Under ‘snapback’, measures imposed on Iran by the UN Security Council in six resolutions would be restored, including:
- An arms embargo
- A ban on uranium enrichment and reprocessing
- A ban on launches and other activities with ballistic missiles capable of delivering nuclear weapons, as well as ballistic missile technology transfer and technical assistance
- A targeted global asset freeze and travel ban on Iranian individuals and entities
- Authorisation for countries to inspect Iran Air Cargo and Islamic Republic of Iran Shipping Lines cargoes for banned goods
Difference between fractional ownership and timeshare
Although similar in its appearance, the concept of a fractional title deed is unlike that of a timeshare, which usually involves multiple investors buying “time” in a property whereby the owner has the right to occupation for a specified period of time in any year, as opposed to the actual real estate, said John Peacock, Head of Indirect Tax and Conveyancing, BSA Ahmad Bin Hezeem & Associates, a law firm.
Expert advice
“Join in with a group like Cycle Safe Dubai or TrainYAS, where you’ll meet like-minded people and always have support on hand.”
Stewart Howison, co-founder of Cycle Safe Dubai and owner of Revolution Cycles
“When you sweat a lot, you lose a lot of salt and other electrolytes from your body. If your electrolytes drop enough, you will be at risk of cramping. To prevent salt deficiency, simply add an electrolyte mix to your water.”
Cornelia Gloor, head of RAK Hospital’s Rehabilitation and Physiotherapy Centre
“Don’t make the mistake of thinking you can ride as fast or as far during the summer as you do in cooler weather. The heat will make you expend more energy to maintain a speed that might normally be comfortable, so pace yourself when riding during the hotter parts of the day.”
Chandrashekar Nandi, physiotherapist at Burjeel Hospital in Dubai
Company Fact Box
Company name/date started: Abwaab Technologies / September 2019
Founders: Hamdi Tabbaa, co-founder and CEO. Hussein Alsarabi, co-founder and CTO
Based: Amman, Jordan
Sector: Education Technology
Size (employees/revenue): Total team size: 65. Full-time employees: 25. Revenue undisclosed
Stage: early-stage startup
Investors: Adam Tech Ventures, Endure Capital, Equitrust, the World Bank-backed Innovative Startups SMEs Fund, a London investment fund, a number of former and current executives from Uber and Netflix, among others.
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- Wear the right fabric for the right season and occasion
- Always ask for the dress code if you don’t know
- Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work
- Wear 100 per cent cotton under the kandura as most fabrics are polyester
Don’ts
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- Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
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UAE currency: the story behind the money in your pockets
What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
Zayed Sustainability Prize
Pharaoh's curse
British aristocrat Lord Carnarvon, who funded the expedition to find the Tutankhamun tomb, died in a Cairo hotel four months after the crypt was opened.
He had been in poor health for many years after a car crash, and a mosquito bite made worse by a shaving cut led to blood poisoning and pneumonia.
Reports at the time said Lord Carnarvon suffered from “pain as the inflammation affected the nasal passages and eyes”.
Decades later, scientists contended he had died of aspergillosis after inhaling spores of the fungus aspergillus in the tomb, which can lie dormant for months. The fact several others who entered were also found dead withiin a short time led to the myth of the curse.
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FIXTURES
Monday, January 28
Iran v Japan, Hazza bin Zayed Stadium (6pm)
Tuesday, January 29
UAEv Qatar, Mohamed Bin Zayed Stadium (6pm)
Friday, February 1
Final, Zayed Sports City Stadium (6pm)
TOURNAMENT INFO
Fixtures
Sunday January 5 - Oman v UAE
Monday January 6 - UAE v Namibia
Wednesday January 8 - Oman v Namibia
Thursday January 9 - Oman v UAE
Saturday January 11 - UAE v Namibia
Sunday January 12 – Oman v Namibia
UAE squad
Ahmed Raza (captain), Rohan Mustafa, Mohammed Usman, CP Rizwan, Waheed Ahmed, Zawar Farid, Darius D’Silva, Karthik Meiyappan, Jonathan Figy, Vriitya Aravind, Zahoor Khan, Junaid Siddique, Basil Hameed, Chirag Suri
