Chinese billionaire Jack Ma will no longer control fintech giant Ant Group after his shares in the company were reduced from 53.46% to 6.2%.
The company has been forced to adjust its ownership structure following the Communist Party’s crackdown on the nation’s tech sector.
Alibaba which operates the popular Chinese shopping platforms Taobao and Tmall, will face a record fine of $2.75bn for alleged unfair practices.
Alipay, the world’s largest digital payment platform, could also face a $1bn fine by Chinese authorities.
