The billionaire founder of Ant Group, Jack Ma, is to give up control of the Chinese fintech giant after a regulatory crackdown.
Ant Group says that after the change no-one would have overall control.
The formerly flamboyant Mr Ma has seldom been seen in public since criticising China's financial sector in 2020.
Mr Ma, who founded e-commerce giant Alibaba, directly and indirectly controls more than 50% of Ant Group however, after the changes in governance structure, he will control just over 6%, according to an Ant Group statement.