Jack Ma, a tech tycoon and the richest man in China, will donate a 2% stake in Ant Group, or 610 million shares of the group’s total 30 billion shares, for the public good, according to the fintech giant’s prospectus it recently filed with the Shanghai Stock Exchange and the Hong Kong Stock Exchange respectively on late Tuesday, KrASIA learned.
The donation, representing nearly one-fourth of Jack Ma’s personal 2.6 billion shares in Ant, could worth as much as USD 600 million, as the group is expected to raise USD 30 billion from its dual-listing.
Jack Ma is the founder and former CEO of e-commerce behemoth Alibaba (NYSE: BABA; HKEX: 9988). In September 2019, Ma stepped down as Alibaba’s executive chairman to focus on philanthropy, and the stake donation is his first major move in that area.
Ant Group, known as the operator of China’s major mobile payment app Alipay, got spun off from Alibaba in 2011 to expand into a wide range of fintech services.
More on Ant Group’s IPO please read: BIZ IN GRAPHICS | Ant Group to launch what could be the worlds’ biggest IPO soon
This article is part of KrASIA’s “Key Stat” series, where KrASIA picks and presents the most significant figures of the day’s technology and business world.