According to the information recently disclosed by the Hong Kong Stock Exchange's equity information, Jack Ma and his other three persons acting in concert with Ant Group, Jing Xiandong, Hu Xiaoming, and Jiang Fang, cleared their interests in six Hong Kong stocks on December 28, 2023.
According to the permission information for the change of major events of non-bank payment institutions announced by the central bank on December 29, 2023, it is agreed that Alipay (China) Network Technology will be changed to no actual controller.
Industry analysis of this move or Ant is preparing for listing. Ants did not respond to this.
Ma Yun and others emptied the rights and interests of 6 Hong Kong stocks
According to the information of the Hong Kong Stock Exchange, the six Hong Kong stocks whose interests were cleared by Ma Yun and others this time are AGTech (08279), Beijing Youbao** (02429), Weitian Express (02482), Vobile Group (03738), Yashiwei (01993) and Zhongan** (06060).
The emptied interests include Ma Yun, Jing Xiandong, Hu Xiaoming, Jiang Fang, and Hangzhou Yunbo Investment Consulting*** Ma Yun, Hu Xiaoming, Jing Xiandong, Jiang Fang).
AGTech (08279).
Beijing Youbao** (02429).
Weitian Express (02482).
Vobile Group (03738).
Asiaray (01993).
Zhong'an** (06060).
Before the change in shareholdings, Ma Yun, Jing Xiandong and other related persons and Yunbo Investment and other entities respectively held Youbao**1984%, Weitian Express 2217%, Vobile Group 516%, Asiaray 736%, Zhong'an**1074% interest. Among them, AGTech is a holding of 5571%。
According to AGTech's announcement on November 27, 2023, the company's controlling shareholder is a 55-shareholder shareholder7% of Ali Fortune, which is indirectly owned by Alibaba and Ant Technology with 60% and 40% respectively.
Ant Technology is indirectly owned by Alibaba Holding for about 33%. Alipay is a direct wholly-owned subsidiary of Ant Technology, and Alipay Singapore is an indirect wholly-owned subsidiary of Ant Technology. Ant Bank indirectly owns 667% interest in the subsidiary, the remaining 33The 3% stake is held by an associate company indirectly owned by AGTech with 30%. Ant Technology and such Alipay entities are contacts of Alibaba Holdings.
As a result of these relationships, the members of these Alipay entity groups are connected persons of AGTech.
Hangzhou Junhan Equity Investment Partnership (Limited Partnership) and Hangzhou Junhan Equity Investment Partnership (Limited Partnership) hold approximately 31% and 22% of the total issued shares of Ant Technology (approximately 53% in total), respectively. Yunbo Investment is the managing partner and general partner of Junhan and Junao, and controls Junhan and Junao.
Among them, Ma Yun holds 34% of the equity of Yunbo, Jing Xiandong, Hu Xiaoming and Jiang Fang each hold 22% of the equity of Yunbo, and the four of them are acting in concert. The remaining approximately 47% of the issued shares of Ant Technology are approximately 33% held by Alibaba Holding's indirect wholly-owned subsidiary** (China) Software***, and approximately 14% by other minority shareholders.
According to the structural changes made by Ant in January 2023, Yunbo Investment withdrew from Hangzhou Junhan, and the concerted actor agreement was terminated, and Jack Ma and others were no longer deemed to have control over AGTech. The clearance of rights and interests this time means that the relationship between the associations is further weakened.
The two A-share companies became no actual controllers on the same day
Judging from the timeline, the change of Alipay to no actual controller, Ma Yun and others to zero the equity of 6 Hong Kong-listed companies is based on the follow-up results of the change in the voting rights structure of Ant Group's major shareholders in January 2023. Hang Seng Electronics (600570) (600570) and Cathay Pacific Property & Casualty both announced on December 29 that the shareholder structure of the controlling party Ant was adjusted in January 2023, and the relevant parties have completed the relevant procedures and completed the transaction on December 28, 2023. The two companies were changed to no actual controller.
Through the restructuring of Ant's shareholder structure at the beginning of 2023, Jack Ma ceded control of Ant, and Alipay changed to no actual controller.
Huang Lichong, president of Huisheng International Capital, told the Times that considering that the Hong Kong Stock Exchange and the Hong Kong Securities and Futures Commission have strict regulatory regulations on related party transactions and conflicts of interest of listed companies, Jack Ma's move will also help avoid unnecessary obstacles in the listing review process and ensure that Ant Group can successfully complete the listing.
In addition, on the eve of listing, companies often optimize and restructure their assets and business structures to meet regulatory requirements and market expectations. Jack Ma's stake in other listed companies may be an attempt to optimize his portfolio and focus his efforts and resources on promoting Ant Group's listing.
Huang said that if Ant's concerted actors, such as Jack Ma, retain their interests in other listed companies, it could bring the following challenges to Ant Group's listing: the time and complexity of the review process may increase due to the existence of related-party transactions, and the audit work will become more cumbersome. Related-party transactions may give rise to conflicts of interest, which can affect investors' confidence in the company's independence. If the related-party transaction is not properly managed, it may violate regulatory requirements and affect the listing process.
Mo Kaiwei, a researcher at the China Institute of Local Finance, wrote that Alipay has no actual controller, "which means that Alipay will be more fair and just in its management and operation in the future, and will not be overly influenced by a single shareholder or actual controller." "Ant Group's change of Alipay to no actual controller will make it possible for the financial regulator to approve and approve Ant Group's listing application, and Ant Financial should not be too far away from going public." ”