Jack Ma’s Control of Ant Group Is Officially Over

(Bloomberg) — Ant Group Co. Ltd. finished a procedure to remove controlling stakeholders almost a year after billionaire Jack Ma promised to cede his dominance of the Chinese finance giant.

As part of the process, the People’s Bank of China (PBOC) granted an application to remove any controlling shareholders at Ant Group’s Chinese payment platform Alipay, according to a statement from the central bank. The bank now lists Ant Group’s Alipay as a firm without an actual controller.