What is the meaning of Ants control of Alipay no longer ＂surnamed horses＂

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Recently, the People's Bank of China issued a statement saying that Alipay (China) Network Technology Co., Ltd. was changed to no actual controllers.

This means that Ma Yun's voting voting rights have greatly reduced from 53.46%to 6.208%. Ma Yun will no longer be the actual controller of the Ant Group. Alipay, the most important product owned by Ant, also changed its "sovereignty" accordingly.In other words, Alipay no longer "surname horse".

Alipay is improving in the Chinese Internet finance map -its users reach 1 billion, second only to WeChat and Douyin; 80 million commercial users, second only to Taobao, which belongs to Ali;According to calculations, Alipay ranks first in China all year round.

At the end of 2020, Ant's listing on the Hong Kong Stock Exchange has entered the countdown, but under the sudden pressure of huge regulatory supervision, it has abandoned the potential to raise more than $ 37 billion in listing plans.

No longer "surname horse"

Specifically, before this change, Hangzhou YunblatinMa Yun (34%), Jing Xiandong (22%), Hu Xiaoming (22%), and Jiang Fang (22%) who invested in the investment signed a consistent action agreement, and the company's two companies Hangzhou Junhan and HangzhouJunao, holding 31.04%and 22.42%of Ant Group, respectively.

Through this arrangement, Ma Yun can indirectly control the voting rights of Ant Group 53.46%, becoming the actual controller of the group.

But last year's announcement stated that the above -mentioned unanimous action agreement was terminated.Hangzhou Yunbin Investment has been changed from five people including Jingxian Dong, including Jack Ma, holding 20%of the shares; at the same time, Yunblatin Investment withdrew from Hangzhou Junhan, and another company Hangzhou Xingtao joined Hangzhou Junhan. ThisHangzhou Xingtao held 20%of the five people including Jack Ma.

After the adjustment is completed, the above -mentioned shareholders promise not to reach any form of action arrangements with any other party.

This adjustment means that the voting rights of the Ant Group are more scattered. Ma Yun's shareholding ratio is 6.2%, and the voting rights have also dropped significantly from 53.46%to 6.2%.

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Active Right Rights Adaptation Supervision

At the end of 2020, Ant was listed on the Hong Kong Stock Exchange.Enter the countdown, but was suspended by a sudden paper official, and the potential fundraising scale of more than $ 37 billion was "suspended".

Since then, ants have started a series of actions such as investigation, fines, and rectification.

First of all, the ticket was first. On July 7 last year, the three main financial regulatory bureaus of the People's Bank of China, the State Administration of Financial Supervision and Administration, and the China Securities Regulatory Commission announced that they would impose a fine of 7.123 billion yuan in Ant Group and its institutions.

Alipay quot; crime quot; seven articles, such as violations of consumer financial information protection management regulations; violations of financial consumer rights protection management regulations, etc.Ant has developed personal consumer financial products such as "Huayan", "Borrowing", and "Metropolitan Loan".Such products are used to attract consumers to use rapid approval, unsecured, high quota, cash rebate, etc. In recent years, they have been repeatedly criticized in China, accused of encouraging excessive consumption, and increasing financial systemic risks.

In addition, ants also proposed that in terms of fund sales, it violates relevant provisions of the product access, propaganda, and archives management of the sales fund; it violates the relevant provisions of the management and internal control of fund sales institutions.

Followed by business rectification, such as shutting down its "mutual treasure" business, for example, adjusting the two businesses of borrowing and Hua Tao, and completely withdrawing from the small loan market.

Ant Group also actively cut with Alibaba. For example, the seven management personnel of the Ant Group all withdrawn from Alibaba's partners team to strengthen the isolation with shareholder Alibaba.

Finally, "de -Madrid", for example, this time it diluted Ma Yun's voting right.

In 2011, Ma Yun stripped Alipay from Alibaba Group on the grounds that Alipay's financial license was required to return to domestic capital.

One of the trigger points for stopping ants to stop the listing of ants two years ago is that Jack Ma criticized traditional banks in the Shanghai Bund Financial Summit ’s speech," Harmicus many entrepreneurs ";" good innovation is not afraid of supervision,But I'm afraid to supervise it yesterday. "

According to the quoted people familiar with the matter, the person who claims to stop the Ant Group's listing in person is that the central government investigation found that behind the layer opaque investment tools holding the equity of the Ant Group, it is a widespread Chinese power nobleSmall circle.

Since then, Ma Yun has lived overseas for a long time, and has rarely appeared on the media. The Ma Yun label of Alibaba and Ant Group has also weakened.

In addition, it is worth mentioning that the Ali department is also gradually demolishing the constructed media empire -the Ant Group will sell all the Caixin Media held by the Ant Group and the shares of 36 氪, and exit its shareholder sequence;By the year of Mango Super Media, the agency is well known for making entertainment programs.Reuters had previously quoted an investor in Beijing, "Many Ali's investment has no problem alone. But putting together makes people doubtful. Ali uses its cloud computing and investment capabilities from the film industry to publishing.A media empire. It is not only a need to operate, but also interpreted as a intention. Taboo. "

Earlier, Ma Yun has made great achievements in social influence, but has gradually closed or transformed in recent years.For example, the Lakeside University established in 2015, Ma Yun was the principal, once known as "the most difficult to read". Only 254 entrepreneur students were admitted in five years, and they were also criticized as clubs for celebrities and rich people. In May 2021,In order to meet the regulatory requirements, Lakeside University was renamed "Zhejiang Lakeside Entrepreneurship Research Center".For another example, the Alida Academy, which focuses on technical research, has successively canceled the research of quantum computing and autonomous driving, and many of them have left their employment to start a business.

But Jack Ma's rural teacher program is still running, behind the Ma Yun Public Welfare Foundation.His appearance in August 2023 is also related to the plan.

Ant Financial, which has Alipay business, was renamed an Ant Group before listing in Hong Kong, seeking to expand the financial territory.

"Ant Group has changed Alipay to no actual controllers, and the financial regulatory authorities may approve and pass the Ant Group's listing application. ActAnt Financial should not be too far away from the listing of listing."Mo Kaiwei said.

In the process of rectification of Ant Group, "state -owned assets" also appeared.The Chongqing Ant Consumer Finance Company, which undertakes the consumer credit business of Huayan and borrowed, implemented a capital increase plan a year ago to increase capital from 8 billion yuan to 18.5 billion yuan.Among them, Hangzhou, a local state -owned enterprise, Hangzhou Jintou Digital Technology Group (Hangjin Catalog), which contributed 1.85 billion yuan, and became the second largest shareholder of ants to eliminate gold, accounting for 10%.

In fact, as early as 2015, the Ant A round of financing, the Social Security Fund entered the bureau with 7.8 billion yuan, holding about 5%of the shareholding ratio.%, Still the largest external shareholder of ants.

On the eve of listing in 2022, the valuation of Ant Group was 2.1 trillion yuan, known as the world's largest unicorn.

The current valuation can be speculated from the equity repurchase of July this year. Ant said that the use of its own funds to repurchase from the current shareholders with no more than 7.6%of the equity. According to this repurchase plan, the Ant Group corresponds to the corresponding correspondingThe valuation is 567.1 billion yuan, and the shrinkage is a quarter of the highest valuation.

But from the recent revenue disclosed by Alibaba, it can reflect the profit growth of the Ant Group.A year -on -year increase of 17.4%.Starting from the second half of 2023, the optimistic voice believes that after supervision and rectification of Ant Group, the profit has risen again, which means that the re -listing may not be far away.

But there are pessimists say that ant restarting listing is still far away, because there are "directors, supervisors, and senior managers in the Chinese listing management measures.The agency's investigation or suspected illegal law is being investigated by the China Securities Regulatory Commission and has not yet had a clear conclusion opinion. "