#币安神算子 As of October 2026, Alipay (China) Network Technology Co., Ltd. (the entity holding the payment business license) has no actual controller. This status was approved by the People’s Bank of China at the end of 2023 and the change was completed in early 2024. Its 100% parent company, Ant Group, likewise has no actual controller.
Key background and changes:
Before the change: Jack Ma was Alipay’s actual controller, exercising voting rights through Hangzhou Junhan and Jun’ao (which together held more than 53% of Ant Group’s shares) and Yunbo Investment (the general partner). Before January 2023, Jack Ma and other parties acting in concert, including Jing Xiandong, were in control.
Key changes: In January 2023, Ant Group ended its concert-party arrangement, diluting Jack Ma’s voting rights. At the end of 2023, the central bank approved Alipay’s change to a structure with no actual controller, and the transfer was completed in early 2024. Jack Ma is now only a significant shareholder in Ant Group (with an indirect stake of about 5%) and has no special voting rights.
Current governance: At Ant Group, 10 individuals—including members of management, employee representatives, and Jack Ma—exercise their voting rights independently. Ant Group wholly owns Alipay, whose day-to-day operations are managed by its management team. Its governance is more robust in accordance with regulatory compliance requirements.
Clarification: Alipay has always been a privately owned company; the claim that it was “handed over to the state” is a misinterpretation. Having no actual controller is a governance improvement for financial regulatory compliance and long-term development, and does not affect users’ ability to use the service.
Key background and changes:
Before the change: Jack Ma was Alipay’s actual controller, exercising voting rights through Hangzhou Junhan and Jun’ao (which together held more than 53% of Ant Group’s shares) and Yunbo Investment (the general partner). Before January 2023, Jack Ma and other parties acting in concert, including Jing Xiandong, were in control.
Key changes: In January 2023, Ant Group ended its concert-party arrangement, diluting Jack Ma’s voting rights. At the end of 2023, the central bank approved Alipay’s change to a structure with no actual controller, and the transfer was completed in early 2024. Jack Ma is now only a significant shareholder in Ant Group (with an indirect stake of about 5%) and has no special voting rights.
Current governance: At Ant Group, 10 individuals—including members of management, employee representatives, and Jack Ma—exercise their voting rights independently. Ant Group wholly owns Alipay, whose day-to-day operations are managed by its management team. Its governance is more robust in accordance with regulatory compliance requirements.
Clarification: Alipay has always been a privately owned company; the claim that it was “handed over to the state” is a misinterpretation. Having no actual controller is a governance improvement for financial regulatory compliance and long-term development, and does not affect users’ ability to use the service.
