A number of Chinese media reported on December 30, 2023 that the publicity information on non -bank payment institutions on non -bank payment institutions on the official website of the Central Bank of China showed that the central bank agreed that Alipay became a non -actual controller.
The news attracted attention, because this means that the company established in 2004 was officially "going to Ma Yunhua", and at the same time, the main obstacles of the Ant Group's listing were removed.
In fact, Alipay has changed to an unrealistic controller, which originated from the equity adjustment of its parent company Ant Group in early 2023.
At the beginning of 2023, the Ant Group announced the adjustment of voting rights. Alibaba founder Ma Yun dropped from 53%of the voting rights with a voting right of 6.2%. Since then, ants no longer have a single or joint control group.
One year later, the central bank's approved Alipay (China) as an Ant Group's 100%holding to the unrealistic controllers means that Ant's equity rectification a year ago was recognized by the central bank.
Chinese media reported that, as an Ant Group's related company, Cathay Pacific Property Insurance and Hang Seng Electronics of the listed company also issued the announcement to the unrealistic controllers on December 29, 2023.
No actual controllers?
According to the management measures for the acquisition of listed companies in China, no actual controllers mean that the equity structure of the listed company is scattered, and there is no controlling shareholder with more than 50%of the shares; there is no case where the actual control of the company's share voting rights is more than 30%;, Senior managers cannot dominate the company's major financial and operating decisions.
Alipay has not yet been listed, and no actual controller refers to that no shareholders have more than 30%of the shares.
The structure of no actual controller is actually very common.According to the interface news statistics, only eight of the 42 A -share listed banks in China have actual controllers, while the remaining 34 are not actual controllers.Manufacturing companies, such as Gree, are also unrealistic controllers.
Securities Times quotes industry insiders' analysis that the relatively dispersed voting rights are a more modern corporate governance model. Differential power can achieve a good checks and balances and prevent a uniqueness.
Disposal and balance of power is also the keywords that the ants began to rectify after the interruption of the market in 2020.
In 2020, China officially stopped stopping the IPO of Ant Group 38 billion US dollars (about S $ 520 billion). In November of the same year, the financial supervision department urged ants to rectify and launched a round of the Internet field to prevent the disorderly expansion of capital in the Internet field.Turn up.
Since then, ants have carried out self -revolution. The main direction is business slimming, open resources, strengthening supervision, and controlling risks.Specific actions include "mutual treasures" that do not meet the supervision, set up ants to undertake money to undertake online loan businesses such as Huayan and Borrowing, and divide them with the group Alibaba on personnel and data, and introduce state -owned assets.
The biggest action ofIn January 2023, the founder Ma Yun unloaded control.
In July of the same year, the central bank announced the rectification of the outstanding issues of Ant Group, and announced a fine of 7.1 billion yuan (RMB, Same as Sim, Sim of 1.323 billion yuan). Investors believe that this is a symbol of rectification and start to look forward to looking forward to looking forward to itAnt Group can return to listing.This time, the central bank's non -actual controller status approved Alipay was considered another key step before listing.
One step before listing
Caixin.com reported that although the ant had announced its equity adjustment in January last year, Alipay was a third -party payment company under the central bank's supervision.The central bank applies for approval and re -announces.
The signal of this approval is also that the adjustment of ants has been successfully implemented and incorporated into the daily supervision of the financial system.
Earlier, the main obstacles to the launch of Ant Group lies in financial security risks and supervision.Analysts believe that this obstacle has been basically cleaned, and ants will be re -launched on the schedule.In addition, under the current non -actual controller structure, the company's decision -making on major issues will rely more on the company's management and upper -level regulatory authorities.
However, ants still cannot meet a listing requirements in the short term, that is, the actual controller has not changed within three years.If ants are going to be listed in A shares, or they need to wait for another three years.If you choose to go public on the Science and Technology Board and Hong Kong stocks, you need to wait for two years and one year, respectively.
"Nationalization" of electronic payment infrastructure
As soon as the news approved by the central bank came out, there was a market analysis saying that the representative of the non -actual controller was "the country's takeover", and some netizens moved out the sentence that Ma Yun once said: "As long as the state needs, Alipay will submit it at any time at any time."State", known as "Dad Ma's words,".
In fact, in the process of ant rectification, state -owned assets were introduced.A week before the Ant announced the control of Ma Yun's control, the Ant Group's Ant's Ant Gold, which was undertaken by Huayan and borrowed, and passed the capital increase plan for RMB 1005 billion.shareholder.In October 2023, Ant's capital increased its capital again. The list of shareholders disclosed, including Chongqing Yufuhua Trade State -owned Assets Management Co., Ltd., holding 4.041%.
However, participation in state -owned assets does not mean that it becomes a state -owned enterprise.What is closer to Alipay is the essence of its national payment tools.
Public information shows that Alipay is facing the opening of payment technology to merchant institutions and provides billing services, forming long -term and mature business models. At present, 80 million merchants and 1 billion consumers have been served.
This coverage determines that Alipay is like the water and electricity of the Internet world. It will not be controlled by a shareholder or a single private enterprise, let alone make money for the interests of shareholders.Service attributes.
At present, the scale of third -party payment transactions in China is still rising year by year.Data from Ai Media Consultation show that in 2023, it will reach 56.19 trillion yuan, an increase of 14.5%year -on -year.Alipay, as China's largest third -party payment platform, changes in its governance structure, will also bring inspiration and demonstration effects to the industry.
Many financial bloggers commented that another payment platform WeChat payment, as Alipay as the main payment tool in China, must be included in the supervision, just like the cash and bank card era, the supervision of all banks' supervision of all banksSame.
The Central Financial Work Conference takes "preventing and resolving financial risks, especially preventing systemic financial risks," as financial risks.After the fundamental task of work, the official also introduced the supervision and management regulations of non -bank payment institutions to increase the supervision practice of non -bank payment institutions into administrative regulations and strengthen comprehensive supervision of payment institutions.
At present, as part of the "infrastructure" of the Internet, electronic payment is related to the wallet of 1 billion users, and supervision is the right meaning.Regardless of whether it is listed or not in the future, ants are destined to be closer to financial supervision, which is also a change in other payment platforms.In the environment of strong supervision of China, this type of "Internet infrastructure" company has been difficult to make clear division according to traditional state -owned enterprises and private enterprises.
