Ant Group Says Its Founder, Jack Ma, Will Relinquish Control

Mr. Ma was once hailed in China as a model of success, but he faced increasing trouble with the Chinese government, especially after he criticized the nation’s banking regulators in late 2019. In recent years, he has largely disappeared from public view.

Ant Group said in an announcement on Saturday that Mr. Ma would no longer be the “control person” who holds 34 percent of the company’s shares. Instead, he would be one of 10 major shareholders.

The announcement, which described the move as part of a “corporate governance optimization” plan, gave no details about when the changes would be finalized, and noted that they would not affect the company’s day-to-day operations. Under Ant Group’s current governance structure, Mr. Ma does not have a management role.

Ant’s flagship Alipay app is a major portal for more than 1 billion users in China who use it to pay for meals, shop on credit and build their savings. But its influence and size made it a focus of concern for Beijing as the authorities scrutinized the fintech industry for potential risks to the country’s broader financial system. Then, in 2020, shortly before Ant was set to go public, regulators abruptly halted its initial public offering, estimated at the time at $34 billion, which would have been the largest I.P.O. on record.

It was not immediately clear how Mr. Ma’s retreat from Ant Group might affect any plans the fintech giant might have for resuming its initial public offering. But it will probably be delayed because of listing requirements. The Hong Kong stock exchange requires a one-year waiting period after a change in ownership; other markets require two or three years.